	(1)
VARIABLES	vbl
	
L1vbl	0.197***
	(0.0177)
L2vbl	0.00986
	(0.0169)
shock	-0.0135***
	(0.00350)
L1shock	-0.00902***
	(0.00345)
L2shock	0.00850**
	(0.00340)
Constant	0.00944***
	(0.000871)
	
Observations	2,842
Number of ifscode	114
R-squared	0.058
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
