	(1)
VARIABLES	vbl
	
L1vbl	0.323***
	(0.0355)
L2vbl	0.0347
	(0.0379)
L3vbl	0.0190
	(0.0361)
L4vbl	0.00715
	(0.0151)
shock	-0.0206
	(0.0187)
L1shock	-0.0402**
	(0.0187)
L2shock	-0.0353*
	(0.0182)
Constant	0.0353***
	(0.00410)
	
Observations	822
Number of ifscode	36
R-squared	0.130
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
