​Orsola Costantini


Orsola Costantini is currently an Economic Affairs Officer at UNCTAD was previously 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.

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