	(1)
VARIABLES	vbl
	
L1vbl	-0.139***
	(0.0356)
shock	-0.0644
	(0.0448)
L1shock	-0.0573
	(0.0418)
Constant	0.0670***
	(0.00641)
	
Observations	871
Number of ifscode	99
R-squared	0.024
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
