A Comment on “The Heterogeneous Tax Pass-Through Under Different Vertical Relationships” by Bajo-Buenestado and Borrella-Mas

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ID: 325015
2026
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Abstract
Abstract We revisit the heterogeneous tax pass-through analysis in Borrella-Mas (2022a) (B&B). We find that B&B’s estimating equation is misspecified, as it excludes a necessary lower-order interaction between vertical integration and the post-treatment period. Including this term reveals a significant structural price trend for vertically integrated firms in the post-reform period, whose origin is uncertain. A spatial placebo test confirms that this structural shift is present even in never-treated provinces, indicating that it is not a local, province-level pass-through of the regional tax. Without this control, the original specification may conflate this shift with the tax effect. Once the interaction is included, the differential pass-through estimate becomes null for diesel, while for gasoline a significant effect persists—albeit at a reduced magnitude—supporting B&B’s central claim that market structure matters for tax pass-through. These findings highlight the importance of explicitly modelling group-specific time trends when estimating heterogeneous treatment effects in difference-in-differences designs.
Reference Key
openalex_W7203496051 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Ismail El Fassi, Saleh Zakerinia
Journal the economic journal
Year 2026
DOI
10.1093/ej/ueag101
URL
Keywords Keywords not found

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