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​Orsola Costantini


Orsola Costantini is Senior Economist at the Institute for New Economic Thinking. An alumna of Ghislieri college, she graduated from the University of Pavia in Italy and in 2013 received her Ph.D. in Economics from the same institution. 

She is associate editor of the International Journal of Political Economy. In 2013 she was awarded an INET research grant for the study of the dynamics of household incomes and finances, and in 2014, her work on the cyclically adjusted budget estimate was awarded a prize by the Italian Association for the History of Political Economy (STOREP). 

Selected publications:

  • “Invented in America: the birth and evolution of the cyclically adjusted budget rules 1933-1961,” History of Political Economy, vol. 50 (1), 83-117 
  • “The Political Economy of the Stability and Growth Pact,” European Journal of Economics and Economic Policies - Intervention, vol. 14 (3), 333-350 
  • “The Cyclically Adjusted Budget: The History and Exegesis of a Fateful Estimate,” INET Working Paper n. 24: https://www.ineteconomics.org/uploads/papers/WP24_Costantini_1.pdf

By this expert

Introducing the Symposium on Neoliberalism

Article | May 26, 2016

Is Neoliberalism a fixed set of ideas, or even an identifiable political movement?

The Cyclically Adjusted Budget: History and Exegesis of a Fateful Estimate

Paper Working Paper Series | | Oct 2015

This paper traces the evolution of the concept of the cyclically adjusted budget from the 1930s to the present.

The Prince('s) Rules: Economic Theories and Political Struggle in Europe.

Paper Conference paper | | Apr 2015

The Cyclically Adjusted Budget (CAB) is the estimated size of the public budget at some previously defined level of output which may represent the ‘normal’ output or a policy target and that usually is considered to be unaffected by business fluctuations or cycles. Such an estimate is supposed to isolate the automatic movements of revenues and expenditures, given the current structure of tax and transfers, from discretionary fiscal interventions and indicate the “impact” and sustainability of fiscal action.

Featuring this expert

In EU budget debates, ‘technocratic’ veil hides political choices

Article Apr 8, 2016

As the European Union Commission readies itself for a new round of budgetary recommendations, INET senior economist Orsola Costantini warns that that the debate over how those harsh fiscal constraints are to be determined is based on a formula that masks political choices as technocratic imperatives.

CEPS IdeasLab 2016

YSI Event Workshop YSI | Hosted by Political Economy of Europe | Feb 24–27, 2016

The new YSI Political Economy of Europe Working Group will take part in the 2016 CEPS IdeasLab and a subsequent workshop organized by the working group in Brussels.

The Sneaky Way Austerity Got Sold to the Public Like Snake Oil

Article | Dec 22, 2015

A budget approach cloaked in the aura of science and technical jargon became a tool of manipulation.

Eurozone and the Americas: Debt and Democracy

YSI Event Workshop YSI | Hosted by Political Economy of Distribution | Hosted by Latin America | Oct 31–Nov 3, 2015

This conference will bring leading experts and political leaders from Europe and the Americas together to discuss the problems of debt and development in the wake of the Greek drama of Spring, 2015 and the ongoing political and economic turmoil in the Eurozone as well as in South America. It will provide a chance to hear first hand from some of the most influential new voices in the political and economic life of both regions.