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

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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.
英语翻译Though we did not include lagged reactions or adjustment
虽然我们没有滞后反应,包括在我们的模型调整,我们面临着是否要包括依赖和独立变量滞后值的实证问题.方程(4)暗示,为期一年的滞后因变量应该出现在回归价值,但是初步结果表明,我们不应该包括一个滞后因变量,所以我们没有:在回归一般归因于几乎所有的解释力因变量的滞后,几乎没有人来叫我们的模型或其他回归结果的其他因素.为了减少同时性的偏见,这三个描述当地的经济条件和一个描述房地产市场状况的每个变量的滞后一年.