Profile
Areas of Interest: Macroeconomics, Growth, Risk & Uncertainty
Additional Information
Working Papers:
“Saving-Based Asset Pricing,” with Johannes Dyer and Johannes Schneider (2012), submitted to the Journal of Banking & Finance. https://umdrive.memphis.edu/wtsmith/JBF-S-12-01271%20%281%29.pdf
“Does Public Consumption Increase Economic Growth?” with Young Seob Son (2012), revise and resubmit at the Journal of Economic Dynamics and Control. https://umdrive.memphis.edu/wtsmith/public consumption & growth R4.pdf
“The Effects of Wage Volatility on Growth,” with Michael Jetter and Olexander Nikolsko-Rzhevskyy (2011), submitted to Journal of Macroeconomics. https://umdrive.memphis.edu/wtsmith/wvMay2012.pdf
Honors/Awards
- Distinguished Research Award in the Social Sciences & Business - Alumni association, University of Memphis - 2008
- Palmer Award for Research - Fogelman College, University of Memphis - 2006
- University Distinguished Teaching Award - University of Memphis - 2006
Journal Articles
- "Forward Exchange Rates in General Equilibrium," Journal of International Money & Finance 10 (1991), pp. 497-511.
- "Price Discrimination with Correlated Demands," with Catherine Eckel, Southern Economic Journal 59 (1992), pp. 58-65. https://umdrive.memphis.edu/wtsmith/SEJ1992.pdf
- "Investment, Uncertainty, and Price Stabilization Schemes," Journal of Economic Dynamics and Control 18 (1994), pp. 561-579.
- "It Pays to Be Different: Endogenous Heterogeneity of Firms in an Oligopoly," with David Mills, International Journal of Industrial Organization 14 (1996), pp. 317-329. https://umdrive.memphis.edu/wtsmith/IJIO1996.pdf
- "Taxes, Uncertainty, and Long-Term Growth," European Economic Review 40 (1996), pp. 1647-1664. https://umdrive.memphis.edu/wtsmith/EER1996.pdf
- "Feasibility and Transversality Conditions for Models of Portfolio Choice with Non-Expected Utility in Continuous Time," Economics Letters 53 (1996), pp. 123-131. https://umdrive.memphis.edu/wtsmith/ECONLETTERS1996.pdf
- "The Treatment of Medical Indebtedness in Personal Bankruptcy," with Dennis Wilson, John Rogers, and Cyril Chang, The Journal of Economics 23 (1997).
- "Birth, Death and Consumption: Overlapping Generations and the Random Walk Hypothesis," International Economic Journal 23 (1998), pp. 105-116.
- "Risk, the Spirit of Capitalism and Growth: the Implications of a Preference for Capital," Journal of Macroeconomics 21 (1999), pp. 241-262. https://umdrive.memphis.edu/wtsmith/JMACRO1999.pdf
- "The Calculus of Fear: Revolution, Repression, and the Rational Peasant," with Julia Heath, David Mason, and Joseph Weingarten, Social Sciences Quarterly 81 (1999).
- "How Does the Spirit of Capitalism Affect Stock-Market Prices?" Review of Financial Studies 14 (2001): 1215-1232. https://umdrive.memphis.edu/wtsmith/RFS2001.pdf
- "Shipping the Good Times Out: A Note on Apples and Donations of Time and Money," with Cyril Chang, Economics Bulletin January 2002. http://www.accessecon.com/pubs/EB/2002/Volume10/EB-02J20001A.pdf
- "Marshallian Recursive Preferences and Growth," with Michael Gootzeit and Johannes Schneider, Journal of Economic Behavior & Organization 49 (2002): 381-404. https://umdrive.memphis.edu/wtsmith/JEBO2002.pdf
- "Consumption and Saving With Habit Formation and Durability," Economics Letters 75 (2002): 369-375. https://umdrive.memphis.edu/wtsmith/ECONLETTERS2002.pdf
- "But Can She Cook? Women's Education and Housework Productivity," with David Sharp, Julia Heath, and David Knowlton, Economics of Education Review 23 (2004): 605-614. https://umdrive.memphis.edu/wtsmith/EconEdRev2004.pdf
- "Can the Desire to Conserve Our Natural Resources Be Self-Defeating?" with Young Seob Son, Journal of Environmental Economics & Management 49 (2005): 52-67. https://umdrive.memphis.edu/wtsmith/JEEM2005.pdf
- "Equilibrium Consumption and Precautionary Savings in a Stochastically Growing Economy," with Stephen Turnovsky. Journal of Economic Dynamics & Control 30 (2006), 243-278. https://umdrive.memphis.edu/wtsmith/JEDC2006.pdf
- "Fertility, Volatility, and Growth," with Aude Pommeret. Economics Letters 87 (2005): 347-353
- “Why Do Pooled Forecasts Do Better Than Individual Forecasts? An Alternative Explanation,” with Diego Nocetti, Economics Bulletin, Vol 4, No. 36 (2006). http://economicsbulletin.vanderbilt.edu.
- “Asset Pricing with Multiplicative Habits and Power-expo Preferences,” with Richard Zhang, Economics Letters March (2007): 319-325. https://umdrive.memphis.edu/wtsmith/ECOLET3470.pdf
- “Consumption and Risk with Hyperbolic Discounting,” with Heng-Fu Zou and Liutang Gong, Economics Letters 96 (2007): 153-160. https://umdrive.memphis.edu/wtsmith/ECOLET3529.pdf
- “Inspecting the Mechanism Exactly: A Closed-form Solution to a Stochastic Growth Model,”BE Contributions to Macroeconomics (August2007), http://www.bepress.com/bejm/contributions/vol17/iss1/art30
- “The Spirit of Capitalism and Excess Smoothness,” with Yulei Luo and Heng-fu Zou, Annals of Economics & Finance 10 (2008): 281-301. https://umdrive.memphis.edu/wtsmith/3-forthcoming-William%20T.%20Smith.pdf
- “The Spirit of Capitalism, Precautionary Savings, and Consumption,” with Yulei Luo and Heng-fu Zou,” Journal of Money, Credit, & Banking 41 (2009): 543-554. http://onlinelibrary.wiley.com/doi/10.1111/j.1538-4616.2009.00221.x/abstract
- “Time Diversification: Definitions and Some Closed-form Solutions,” with Kee Chung and Tao Wu, Journal of Banking & Finance 33 (2009): 1101-1111. https://umdrive.memphis.edu/wtsmith/JBF2928.pdf
- “Uncertainty, the Demand for Health Care, and Precautionary Saving,” with Diego Nocetti, BE Advances in Economic Analysis & Policy vol. 10, issue 1(2010). http://www.degruyter.com/view/j/bejeap.2010.10.1/bejeap.2010.10.1.2626/bejeap.2010.10.1.2626.xml?format=INT
“Price Uncertainty, Saving, and Welfare” (2011), with Diego Nocetti, Journal of Economic Dynamics and Control 35, 1139-1149 https://umdrive.memphis.edu/wtsmith/DYNCON2543.pdf “Precautionary Savings and Labor Supply with Non-Expected Utility Preferences,” with Diego Nocetti (2011), Journal of Money, Credit & Banking 43, 1475-1504 https://umdrive.memphis.edu/wtsmith/JMCB prec saving offprint.pdf - “A New Look at the Determinants of the Ecological Discount Rate: Disentangling Social Preferences,” with Luciana Echazu and Diego Nocetti, B.E. Journal of Economic Analysis & Policy, Advances (2012). http://www.degruyter.com/view/j/bejeap.2012.12.issue-1/1935-1682.3102/1935-1682.3102.xml?format=INT
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