	(1)
VARIABLES	vbl
	
L1vbl	-0.0849***
	(0.0131)
L2vbl	-0.0986***
	(0.0128)
L3vbl	-0.0455***
	(0.0125)
L4vbl	-0.0247**
	(0.0125)
shock	-0.0775***
	(0.0198)
L1shock	-0.0778***
	(0.0198)
L2shock	-0.0212
	(0.0198)
Constant	0.0953***
	(0.00451)
	
Observations	5,939
Number of ifscode	172
R-squared	0.021
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
