Table 6: Equipment investment	
	(1)
VARIABLES	vbl
	
L1vbl	-0.0863***
	(0.0114)
L2vbl	-0.0922***
	(0.0111)
L3vbl	-0.0581***
	(0.0110)
L4vbl	-0.0183*
	(0.0107)
shock	-0.0712***
	(0.0236)
L1shock	-0.138***
	(0.0237)
L2shock	-0.0285
	(0.0237)
Constant	0.0930***
	(0.00375)
	
Observations	7,524
Number of ifscode	172
R-squared	0.022
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
