Inflation Reduction Act: Origins, Policy Implications, and Research Gaps

John E. T. Bistline and Catherine Wolfram

Review of Environmental Economics and Policy, 2025, vol. 19, issue 2, 258 - 271

Abstract: The Inflation Reduction Act (IRA) is the largest federal climate legislation in the United States so far. The breadth and complexity of IRA’s energy and climate provisions raise new questions about its economic and environmental effects. This article summarizes IRA’s potential policy implications based on existing analysis and highlights research gaps. After providing an overview of the act and its political economy context, we summarize projected effects of IRA on emissions, energy system changes, and other economic outcomes. The article also discusses broader international responses and IRA’s interactions with alternate policy instruments.

Date: 2025
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