英语翻译Though we did not include lagged reactions or adjustment

英语翻译
Though we did not include lagged reactions or adjustments in our model,we faced the empirical issue of whether to include lagged values of the dependent and independent variables.Equation (4) implied that the one-year-lagged values of the dependent variable should appear in the regressions,but preliminary results suggested that we should not include a lagged dependent variable,so we did not:The regressions generally ascribed almost all explanatory power to the lagged dependent variables and almost none to the other variables called for by our model or by other regression results.To reduce simultaneity biases,each of the three variables describing local economic conditions and the one describing real estate market conditions were lagged one year.