	(1)
VARIABLES	vbl
	
L1vbl	0.0808***
	(0.0132)
L2vbl	0.0423***
	(0.0127)
L3vbl	-0.254***
	(0.0124)
L4vbl	0.0301**
	(0.0121)
shock	-0.108***
	(0.0308)
L1shock	-0.127***
	(0.0311)
L2shock	0.0381
	(0.0309)
Constant	0.0716***
	(0.00357)
	
Observations	5,786
Number of ifscode	181
R-squared	0.079
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
