	(1)
VARIABLES	vbl
	
L1vbl	-0.0159
	(0.0447)
shock	0.00439
	(0.0220)
L1shock	-0.0736***
	(0.0210)
Constant	0.0520***
	(0.00484)
	
Observations	536
Number of ifscode	33
R-squared	0.025
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
