	(1)
VARIABLES	vbl
	
L1vbl	-0.0639**
	(0.0281)
shock	-0.0959
	(0.0672)
L1shock	0.0801
	(0.0675)
Constant	0.0587***
	(0.00510)
	
Observations	1,216
Number of ifscode	101
R-squared	0.008
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
