Jan A. Kregel
Distinguished Research Professor of Economics
Jan. A. Kregel is Professor in the Department of Economics of the
Universitý 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 Societý 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, Nƒ 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, Nƒ 2, June, pp:
495-500.
Kregel, J.A. (1978), "Post-Keynesian Theory: Income Distribution."
Challenge, Vol. 22, Nƒ4. 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, Nƒ 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, Nƒ 1,
fall, pp: 32-48.
Kregel, J.A. (1980d), "The Theoretical Consequences of Economic Methodology:
Samuelson's Foundations." Metroeconmica, Vol. 32, Nƒ 1, February, pp:
25-38.
Kregel, J.A. (1982), "Microfoundations of Hicksian Monetary Theory." de
Economist, Vol. 130, Nƒ 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, Nƒ 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, Nƒ 2, pp:
139-52.
Kregel, J.A. (1985), "Hamlet Without the Prince:
Cambridge Macroeconomics Without Money." American Economic Review, Vol.
75, Nƒ 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, Nƒ 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, Nƒ
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,
Nƒ 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, Nƒ 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, Nƒ 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, Nƒ 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, Nƒ 2,
Winter, pp: 261-77.
Kregel, J.A. (1995), "Neoclassical Price Theory, Institutions and the
Evolution of Securities Market Organisation." Economic Journal, Vol. 105, Nƒ
429, December, pp: 459-70.
Kregel, J.A. (1998), "Aspects of Keynesian Theory of Finance." Journal of
Post Keynesian Economics, Vol. 21, Nƒ 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,
Nƒ 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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