	(1)
VARIABLES	vbl
	
L1vbl	0.0492**
	(0.0197)
L2vbl	-0.0898***
	(0.0194)
L3vbl	-0.0273
	(0.0185)
L4vbl	-0.0326*
	(0.0180)
shock	-0.109***
	(0.0275)
L1shock	-0.180***
	(0.0272)
L2shock	0.0250
	(0.0266)
Constant	0.0500***
	(0.00401)
	
Observations	2,545
Number of ifscode	76
R-squared	0.038
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
