Pass-through rates of past, contemporaneous and lead excise taxes to cigarette prices
| Cigarette prices at 25% | Cigarette prices at 50% | Cigarette prices at 75% | |
| Excise taxes (t) | 1.034*** (<0.001) | 1.082*** (<0.001) | 1.117*** (<0.001) |
| Excise taxes (t−12) | 0.129† (0.090) | 0.095** (0.003) | 0.165* (0.020) |
| Excise taxes (t+12) | −0.017 (0.510) | −0.042 (0.189) | −0.071 (0.140) |
*P<0.05; **p<0.01; ***p<0.001.
†P<0.1.