	(1)
VARIABLES	vbl
	
L1vbl	-0.0853***
	(0.0114)
L2vbl	-0.0911***
	(0.0111)
L3vbl	-0.0566***
	(0.0110)
L4vbl	-0.0157
	(0.0107)
shock	-0.175***
	(0.0348)
L1shock	-0.0379
	(0.0349)
L2shock	0.0211
	(0.0349)
Constant	0.0898***
	(0.00370)
	
Observations	7,524
Number of ifscode	172
R-squared	0.020
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
