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SUMMARY:Research Seminar - Economic implications of the Inflation Reduction Act: A Dynamic Analysis
DESCRIPTION:The Growth Lab’s Research Seminar series is a weekly seminar that brings together researchers from across the academic spectrum who share an interest in growth and development. 	Speakers:  	María C. Latorre\, Associate Professor at Universidad Complutense of MadridDavid Suárez-Cuesta\, Faculty Member at Universidad Complutense of MadridLocation: Wexner-102 / ZoomWhether attending in person or online please register in advance. 	Abstract: We expand a dynamic Computable General Equilibrium (CGE) model to analyze the economic impact of the U.S. Inflation Reduction Act (IRA). This approach allows for a comprehensive economic analysis\, considering both macro and microeconomic implications. The IRA encompasses a range of policy measures\, both expansionary and contractionary\, implemented between 2022 and 2031. By employing a combination of tax incentives and reforms\, the IRA leads to a modest overall increase in U.S. GDP\, reaching its peak in the mid-decade. However\, these positive effects are tempered by inflationary pressures\, resulting in reduced export competitiveness\, except in sectors directly affected by the IRA\, such as Motor Vehicles and Electrical Equipment. Additionally\, the tax reforms aimed at financing the IRA primarily target corporations\, leading to a significant contractionary effect on the economy. This results in a slight reduction in employment demand but an increase in real wages. We extend beyond the initial estimations provided by the Congressional Budget Office\, which projected $393 billion in tax credits\, by simulating two additional scenarios: 1) accounting for the uncapped effect of tax credits\, considering that private investment announcements resulting from the IRA already exceed the $393 billion threshold in the first year of implementation; and 2) exploring an alternative funding approach through taxes on workers. 	About the Speakers: 	María C. Latorre is Associate Professor at Universidad Complutense of Madrid (Spain) and Member of the Group of Experts in Trade of the European Commission. She is Co-chair of the research groups in Data Science and Global Governance both from Real Colegio Complutense (RCC) at Harvard University and Research Fellow from this institution. She leads the “Una Europa Global Governance Research Group.” 	David Suárez-Cuesta is a Faculty Member at Universidad Complutense of Madrid (Spain) and Project Operation Manager of the Global Governance Research Group and Member of the Study Group in Data Science from RCC at Harvard University.
URL:https://growthlab.hks.harvard.edu/event/research-seminar-economic-implications-of-the-inflation-reduction-act-a-dynamic-analysis/
LOCATION:HYBRID WEXNER -102 / Zoom
CATEGORIES:Academic Research Seminars
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