	(1)
VARIABLES	vbl
	
L1vbl	0.152***
	(0.0278)
L2vbl	-0.0959***
	(0.0262)
L3vbl	0.00691
	(0.0248)
L4vbl	-0.0237
	(0.0198)
shock	-0.0230
	(0.0226)
L1shock	-0.0662***
	(0.0226)
L2shock	0.00678
	(0.0216)
Constant	0.0281***
	(0.00311)
	
Observations	1,276
Number of ifscode	31
R-squared	0.038
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
