	(1)
VARIABLES	vbl
	
L1vbl	0.260***
	(0.0257)
L2vbl	-0.0735***
	(0.0249)
shock	-0.0234***
	(0.00445)
L1shock	-0.0265***
	(0.00449)
L2shock	0.00670
	(0.00447)
Constant	0.0117***
	(0.000779)
	
Observations	1,538
Number of ifscode	37
R-squared	0.108
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
