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Picture: Jan Kregel Jan A. Kregel
Distinguished Research Professor of Economics

Jan. A. Kregel is Professor in the Department of Economics of the Universitż degli Studi di Bologna and Adjunct Professor of International Economics in the Johns Hopkins University Paul Nitze School of Advanced International Studies where he has also served as Associate Director of its Bologna Center from 1987-90. He received his Ph.D. from Rutgers University in 1970 under the supervision of Paul Davidson. Professor Kregel was also trained by Joan Robinson and Nicolas Kaldor at Cambridge University in the U.K. He has held permanent and visiting positions in universities in the United Kingdom, the United States, the Netherlands, Belgium, France, Germany and Mexico. He is a Life Fellow of the Royal Economic Society (U.K.), an Elected member of the Societż Italiana degli Economisti, and a member of the American Economic Association.

Professor Kregel is currently serving as Chief of Policy Analysis and Development at the Financing for Development Office in the United Nations Department of Economic and Social Affairs. He was formerly High Level Expert in International Finance and Macroeconomics in the New York Liaison Office of the United Nations Conference on Trade and Development (UNCTAD). He is also a permanent advisor for the Trade and Development Report of UNCTAD, and is a member of the Scientific Advisory Boards of The Italian International Economic Center, Rome, and the Istituto per la Ricerca Sociale, Milan. Jan A. Kregel is associated with the Center for Full Employment and Price Stability at the University of Missouri Kansas City where he teaches as Distinguished Research Professor of Economics.

Among his major published works are a series of books in the field of Post Keynesian economic theory, as well as over one hundred and thirty articles published as chapters of edited books and in scholarly journals including the Economic Journal, American Economic Review, Journal of Economic Literature, Journal of Post Keynesian Economics, Economie Appliquée, and Giornale degli Economisti among others. His works have been published or translated in Italian, French, German, Dutch, Spanish, Basque, Portuguese, Greek, Japanese, Russian, Turkish, Finnish, Hungarian, Serbo-Croat, Hindi and Ukrainian.

In the 1970-75 period, Professor Kregel was concerned with synthesis, integration and delineation of a Post Keynesian methodology and paradigm. From the mid 1970s until the late 1980s, he worked on the analysis of decision making under uncertainty, on formation of asset prices and on Keynes analysis of Chapter 17 of the General Theory. In 1988, Professor Kregel showed that Keynes' liquidity preference and own rate analysis were actually two sides of the theory of effective demand (1988a). His most recent works on price formation and market structure provide a powerful critique of neoclassical price theory and propose a Keynesian alternative in which expectations of the future go into the determination of current price determination and in which institutional arrangements undergird the process of price formation.

Selected Publications

Kregel, J.A. (1971), Rate of Profit, Distribution and Growth: Two Views. London: Macmillan; Chicago: Aldine.

Kregel, J.A. (1972), The Theory of Economic Growth. London: Macmillan.

Kregel, J.A. (1973), The Reconstruction of Political Economy. London: Macmillan.

Kregel, J.A. (1976a), The Theory of Capital. London: Macmillan.

Kregel, J.A. (1976b), "Economic Methodology in the Face of Uncertainty: the modeling Methods of Keynes and the Post-Keynesians." Economic Journal, Vol. 86, NÉ 346, June, pp. 209-25.

Kregel, J.A. (1976c), "Sraffa et Keynes: le taux d'intérít et le taux de profit." Cahiers d'Economie Politique, Vol. 3, pp : 135-63.

Kregel, J.A. (1977), "On the Existence of Expectations in English Neoclassical Economics." Journal of Economic Literature, Vol. 15, NÉ 2, June, pp: 495-500.

Kregel, J.A. (1978), "Post-Keynesian Theory: Income Distribution." Challenge, Vol. 22, NÉ4. September-October, pp: 37-43.

Kregel, J.A. (1980a), "Marx, Keynes and Social Change: Is Keynesian Theory Neo-Marxist?," in E.J. Nell (ed.) Growth, Profits and Prosperity. New York: Cambridge University Press.

Kregel, J.A. (1980b), "Economic Dynamics and the Theory of Steady Growth: An Historical Essay on Harrod's Knife Edge." History of Political Economy, Vol. 12, NÉ 1, spring, pp: 97-123.

Kregel, J.A. (1980c), "Markets and Institutions as features of a capitalistic Production System." Journal of Post Keynesian Economics. Vol. 3, NÉ 1, fall, pp: 32-48.

Kregel, J.A. (1980d), "The Theoretical Consequences of Economic Methodology: Samuelson's Foundations." Metroeconmica, Vol. 32, NÉ 1, February, pp: 25-38.

Kregel, J.A. (1982), "Microfoundations of Hicksian Monetary Theory." de Economist, Vol. 130, NÉ 4, pp: 465-92.

Kregel, J.A. (1983a), "Effective Demand: Origins and Development of the Notion," in Distribution, Effective Demand and International Economic Relations. London: Macmillan, pp: 50-68.

Kregel, J.A. (1983b), "The Microfoundations of the 'Generalisation of the General Theory' and 'Bastard Keynesianism': Keynes' Theory in the Long and the Short Period." Cambridge Journal of Economics, Vol. 7, NÉ 3/4, September-December, pp: 343-61.

Kregel, J.A. (1984-5), "Constraints on the Expansion of Output and Employment." Journal of Post Keynesian Economics, Vol. 7, NÉ 2, pp: 139-52.

Kregel, J.A. (1985), "Hamlet Without the Prince: Cambridge Macroeconomics Without Money." American Economic Review, Vol. 75, NÉ 2, May, pp: 133-9.

Kregel, J.A. (1986a), "Shylock and Hamlet: Are there Bulls and Bears in the Circuit?" Economie et Société, série MP 3, pp : 11-22.

Kregel, J.A. (1986b), "A Note on Finance." Journal of Post Keynesian Economics, Vol. 9, NÉ 2, Fall, pp: 91-100.

Kregel, J.A. (1987), "The Effective Demand Approach to Employment and Inflation Analysis." Journal of Post Keynesian Economics, Vol. 10, NÉ 2, Fall, pp: 133-45.

Kregel, J.A. (1988a), "The Multiplier and Liquidity Preference: Two Sides of the Theory of Effective Demand," in A. Barrère (ed.), The Foundations of Keynesian Analysis. London: Macmillan.

Kregel, J.A. (1988b), "Irving Fisher, Great Grandparent of the General Theory." Cahiers d'Economie Politique, Vol. 13-14, pp : 59-68.

Kregel, J.A. (1988c), "Financial Innovation and the Organisation of Stock Market Trading." Banca Nationale del Lavoro Quarterly Review, Vol. 40, NÉ 167, December, pp: 367-86.

Kregel, J.A. (1990), "The Formation of Fix and Flex Prices and Monetary Theory: An Assessment of John Hicks' A Market Theory of Money." Banca Nationale del Lavoro Quarterly Review, Vol. 42, NÉ 157, December, pp: 475-86.

Kregel, J.A. (1992a), "Some Considerations on the Causes of Structural Change in Financial Markets." Journal of Economic Issues, Vol. 26, NÉ 3, September, pp: 733-47.

Kregel, J.A. (1992b), "Universal Banking, U.S. Banking Reform and Financial Competition in the EEC." Banca Nationale del Lavoro Quarterly Review, Vol. 44, NÉ 182, September, pp: 231-54.

Kregel, J.A. (1992c), "Minsky's 'Two Price' Theory of Financial Instability and Monetary Policy: Discounting vs. Open Market Intervention," in S. Fazzari and D. Papadimitriou (eds.), Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P. Minsky. Armonk, NY: M.E. Sharpe.

Kregel, J.A. (1994a), "Currency Speculation and the Summer 1993 Crisis in the ERM: Irrational Expectations and Imperfect Information." Economie et Société, série MP 9, Janvier-Février,  pp : 301-14.

Kregel, J.A. (1994b), "Global Portfolio Allocation, Hedging and September 1992 in the European Monetary System," in P. Davidson and J.A. Kregel (eds.), Growth, Employment and Finance – Economic Reality and Economic Theory, Aldershot: Edward Elgar, pp: 168-83.

Kregel, J.A. (1994-5), "The Viability of Economic Policy and the Priorities of Economic Policy." Journal of Post Keynesian Economics, Vol. 17, NÉ 2, Winter, pp: 261-77.

Kregel, J.A. (1995), "Neoclassical Price Theory, Institutions and the Evolution of Securities Market Organisation." Economic Journal, Vol. 105, NÉ 429, December, pp: 459-70.

Kregel, J.A. (1998), "Aspects of Keynesian Theory of Finance." Journal of Post Keynesian Economics, Vol. 21, NÉ 1, Fall, pp: 111-33.

Kregel, J.A., and A.S. Eichner (1975), "Post-Keynesian Economic Theory: A New Paradigm in Economics?" Journal of Economic Literature, Vol. 13, NÉ 4, December, pp: 1293-1314.

Kregel, J.A., Matzner, E.  and Grabher, G. (1992), Market Shock: An Agenda for Economic and Social Reconstruction of Central and Eastern Europe. Ann Arbor: University of Michigan Press.

Kregel, J.A. (2000), "Economic Development in the UN," Working Paper, Center for Full Employment and Price Stability, 02/2000.

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