	(1)
VARIABLES	vbl
	
L1vbl	-0.130***
	(0.0165)
L2vbl	-0.0815***
	(0.0166)
L3vbl	-0.0530***
	(0.0160)
L4vbl	-0.0445***
	(0.0155)
shock	-0.0533***
	(0.0193)
L1shock	-0.0582***
	(0.0189)
L2shock	-0.00964
	(0.0183)
Constant	0.0632***
	(0.00424)
	
Observations	3,749
Number of ifscode	164
R-squared	0.027
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
