	(1)
VARIABLES	vbl
	
L1vbl	0.117**
	(0.0471)
shock	-0.0129
	(0.0272)
L1shock	-0.0202
	(0.0272)
Constant	0.0417***
	(0.00405)
	
Observations	500
Number of ifscode	30
R-squared	0.015
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
