	(1)
VARIABLES	vbl
	
L1vbl	0.123***
	(0.0243)
L2vbl	-0.120***
	(0.0235)
L3vbl	-0.0101
	(0.0233)
L4vbl	-0.0731***
	(0.0220)
shock	-0.0165
	(0.0255)
L1shock	-0.210***
	(0.0255)
L2shock	-0.0546**
	(0.0260)
Constant	0.0772***
	(0.00481)
	
Observations	1,660
Number of ifscode	37
R-squared	0.080
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
