	(1)
VARIABLES	vbl
	
L1vbl	-0.0988***
	(0.0130)
L2vbl	-0.0589***
	(0.0128)
L3vbl	-0.0468***
	(0.0122)
L4vbl	-0.0283**
	(0.0119)
shock	-0.145***
	(0.0321)
L1shock	0.0276
	(0.0317)
L2shock	0.0517*
	(0.0306)
Constant	0.0516***
	(0.00284)
	
Observations	5,777
Number of ifscode	165
R-squared	0.019
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
