Table 1 Results from estimates using...

Table 1

Results from estimates using Equation (1)

	Categories
	All	1101	1102	1103	1104	1105	1106	1107	1108	1109	1110	1111	1112	1113	1114	1115	1116
$L^{0} (∆ τ)$	0.001	−0.104	−0.088		−0.907	0.315***	0.129	−0.083	0.046	0.152	−0.064	0.012	0.200	−0.039	0.183	0.497**	0.048
$L^{0} (∆ τ)$	(0.053)	(0.206)	(0.087)		(0.709)	(0.042)	(0.144)	(0.066)	(0.146)	(0.113)	(0.069)	(0.028)	(0.155)	(0.058)	(0.158)	(0.196)	(0.137)
$L^{- 1} (∆ τ)$	0.011		−0.079		0.665***	0.395***	0.111	0.011	−0.131		0.042	0.043	−0.112		0.115	0.103	0.002
$L^{- 1} (∆ τ)$	(0.024)		(0.071)		(0.172)	(0.043)	(0.106)	(0.012)	(0.095)		(0.053)	(0.042)	(0.071)		(0.210)	(0.079)	(0.116)
$L^{- 2} (∆ τ)$	0.026		−0.076*		0.131	0.311***	0.139**	−0.002	0.160		0.055*	−0.029	0.101**		0.289	−0.163***	−0.078
$L^{- 2} (∆ τ)$	(0.019)		(0.046)		(0.202)	(0.047)	(0.063)	(0.059)	(0.107)		(0.030)	(0.042)	(0.043)		(0.330)	(0.048)	(0.052)
$L^{- 3} (∆ τ)$	0.030*				0.341***	0.230***		0.026	0.179**		0.056	0.026	−0.039		−0.153	−0.012	0.163***
$L^{- 3} (∆ τ)$	(0.018)				(0.077)	(0.037)		(0.029)	(0.069)		(0.072)	(0.040)	(0.069)		(0.098)	(0.099)	(0.042)
$L^{- 4} (∆ τ)$	0.062**				0.125	0.323***		0.015			0.059	−0.008	−0.073		−0.083	0.347**	0.338*
$L^{- 4} (∆ τ)$	(0.027)				(0.148)	(0.039)		(0.019)			(0.069)	(0.031)	(0.140)		(0.093)	(0.145)	(0.200)
$L^{- 5} (∆ τ)$					0.267**	0.245***		0.040*			0.042	0.052**	0.042		0.092***	0.032
$L^{- 5} (∆ τ)$					(0.133)	(0.040)		(0.023)			(0.042)	(0.022)	(0.058)		(0.024)	(0.053)
$L^{- 6} (∆ τ)$					0.266***						0.062**		−0.047*		0.234**	0.304***
$L^{- 6} (∆ τ)$					(0.058)						(0.028)		(0.026)		(0.110)	(0.107)
Accumulated effect	0.130*	−0.104	−0.243**		0.889	1.819***	0.379***	0.007	0.254	0.152	0.251*	0.096	0.072	−0.039	0.677	1.109***	0.473
Accumulated effect	(0.078)	(0.206)	(0.116)		(0.623)	(0.109)	(0.106)	(0.121)	(0.310)	(0.113)	(0.130)	(0.105)	(0.176)	(0.058)	(0.451)	(0.292)	(0.301)
Number of observations	70,909	2,563	4,379	9,303	949	4,890	12,504	12,429	2,802	4,935	2,457	5,159	2,020	2,471	1,216	1,228	1,879
Number of products	79	3	4	11	1	6	14	14	4	6	2	6	2	2	1	1	2

	Categories
	All	1101	1102	1103	1104	1105	1106	1107	1108	1109	1110	1111	1112	1113	1114	1115	1116
$L^{0} (∆ τ)$	0.001	−0.104	−0.088		−0.907	0.315***	0.129	−0.083	0.046	0.152	−0.064	0.012	0.200	−0.039	0.183	0.497**	0.048
$L^{0} (∆ τ)$	(0.053)	(0.206)	(0.087)		(0.709)	(0.042)	(0.144)	(0.066)	(0.146)	(0.113)	(0.069)	(0.028)	(0.155)	(0.058)	(0.158)	(0.196)	(0.137)
$L^{- 1} (∆ τ)$	0.011		−0.079		0.665***	0.395***	0.111	0.011	−0.131		0.042	0.043	−0.112		0.115	0.103	0.002
$L^{- 1} (∆ τ)$	(0.024)		(0.071)		(0.172)	(0.043)	(0.106)	(0.012)	(0.095)		(0.053)	(0.042)	(0.071)		(0.210)	(0.079)	(0.116)
$L^{- 2} (∆ τ)$	0.026		−0.076*		0.131	0.311***	0.139**	−0.002	0.160		0.055*	−0.029	0.101**		0.289	−0.163***	−0.078
$L^{- 2} (∆ τ)$	(0.019)		(0.046)		(0.202)	(0.047)	(0.063)	(0.059)	(0.107)		(0.030)	(0.042)	(0.043)		(0.330)	(0.048)	(0.052)
$L^{- 3} (∆ τ)$	0.030*				0.341***	0.230***		0.026	0.179**		0.056	0.026	−0.039		−0.153	−0.012	0.163***
$L^{- 3} (∆ τ)$	(0.018)				(0.077)	(0.037)		(0.029)	(0.069)		(0.072)	(0.040)	(0.069)		(0.098)	(0.099)	(0.042)
$L^{- 4} (∆ τ)$	0.062**				0.125	0.323***		0.015			0.059	−0.008	−0.073		−0.083	0.347**	0.338*
$L^{- 4} (∆ τ)$	(0.027)				(0.148)	(0.039)		(0.019)			(0.069)	(0.031)	(0.140)		(0.093)	(0.145)	(0.200)
$L^{- 5} (∆ τ)$					0.267**	0.245***		0.040*			0.042	0.052**	0.042		0.092***	0.032
$L^{- 5} (∆ τ)$					(0.133)	(0.040)		(0.023)			(0.042)	(0.022)	(0.058)		(0.024)	(0.053)
$L^{- 6} (∆ τ)$					0.266***						0.062**		−0.047*		0.234**	0.304***
$L^{- 6} (∆ τ)$					(0.058)						(0.028)		(0.026)		(0.110)	(0.107)
Accumulated effect	0.130*	−0.104	−0.243**		0.889	1.819***	0.379***	0.007	0.254	0.152	0.251*	0.096	0.072	−0.039	0.677	1.109***	0.473
Accumulated effect	(0.078)	(0.206)	(0.116)		(0.623)	(0.109)	(0.106)	(0.121)	(0.310)	(0.113)	(0.130)	(0.105)	(0.176)	(0.058)	(0.451)	(0.292)	(0.301)
Number of observations	70,909	2,563	4,379	9,303	949	4,890	12,504	12,429	2,802	4,935	2,457	5,159	2,020	2,471	1,216	1,228	1,879
Number of products	79	3	4	11	1	6	14	14	4	6	2	6	2	2	1	1	2

Note(s): This table presents the results from the estimation of the model described in Equation (1) for products whose prices were collected in at least two metropolitan regions during the period. The values for the constants, the fixed effects (for product-month-year, month, metropolitan region and month-region), and the parameters associated with the cost variables were omitted for convenience. $L^{- k} (∆ τ)$ refers to the parameters associated with the k-th lag of the variation of the ICMS nominal rate. The cumulative effect is the sum of the parameters related to all lags included in the models. The maximum number for lags (⁠ $K$ ⁠) chosen using the sequential procedure described in Han et al. (2017), with $K_{MAX} = 6$ ⁠. No product in category 1103 experienced alterations in tax rate, preventing the estimation of a pass-through rate of ICMS to prices. The standard deviations, robust for heteroscedasticity, serial autocorrelation and spatial dependence (Driscoll and Kraay, 1998), are in parentheses. The symbols *, ** and *** indicate parameters statistically different from zero at 10, 5 and 1% significance level, respectively

Source(s): Authors’ elaboration

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