Being the vibration is in the veritcal direction, a resonance or natural frequency is very possible. If you monitor a coast-down, make sure the vibration makes the change Tarun stated or just drops away quickly.
Natural Frequency = square root of k/m (stiffness/mass).
If the vibration frequency is below the resonance frequency then stiffen. If the vibration is above the natural frequency then add mass. Be careful not to do both unexpectedly.
I can explain further if needed. lforeman@mac-reliability.com