Faculty and Staff Profiles

WILLIAM THOMAS SMITH
Professor Chair, Economics
Email: wtsmith@memphis.edu
Office Location: 411 Fogelman Clsrm Bldg
Office Hours: MW 11:30 - 12:30
Profile

 Areas of Interest:  Macroeconomics, Growth, Risk & Uncertainty    

Additional Information

Working Papers:

"Changes in Risk and Strategic Interaction," with Diego Nocetti (2014), submitted to Journal of Mathematical Economics.

“Does Public Consumption Increase Economic Growth?” with Young Seob Son (2013), under revision for resubmission to Journal of Public Economic Theory.



  

Honors/Awards
  • Great Oaks Foundation Professor - Fogelman College - 2013
  • Best Paper Award (2nd Place, Conceptual Category) - Fogelman College - 2010
  • Dean's Service Award - Fogelman College - 2009
  • Best Paper Award (2nd Place, Conceptual Category) - Fogelman College, University of Memphis - 2008
  • Distinguished Research Award in the Social Sciences & Business - Alumni association, University of Memphis - 2008
  • Best Paper Award (2nd Place, Conceptual Category) - Fogelman College, University of Memphis - 2006
  • Palmer Award for Research - Fogelman College, University of Memphis - 2006
  • University Distinguished Teaching Award - University of Memphis - 2006
  • Summer Research Grant - Pamplin School of Business, VPI & SU - 1988
  • Tipton R. Snavely Award for Best Dissertation - Department of Economics, University of Virginia - 1988
  • Certificate of Teaching Excellence - MBA Association, VPI & SU - 1989
  • Certificate of Teaching Excellence - Pamplin College of Business, VPI & SU - 1989
  • Summer Research Grant - Fogelman College of Business, University of Memphis - 1993
  • Best Paper Award ( Second Place, Theoretical Category) - Fogelman College of Business, University of Memphis - 1997
  • Summer Research Grant (with Michael Gootzeit) - Fogelman College of Business, University of Memphis - 1998
  • Summer Research Grant - Fogelman College of Business, University of Memphis - 1999
  • Summer Research Grant (with Kee Chung) - Fogelman College of Business & Economics - 2001
  • Summer Research Grant (with Heng-fu Zou and Yulei Luo) - Fogelman College of Business & Economics - 2002
  • Best Paper Award ( First Place, Conceptual Category) - Fogelman College of Business & Economics - 2002
  • Palmer Award - Fogelman College of Business & Economics - 2003
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.
  • "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.
  • "Taxes, Uncertainty, and Long-Term Growth," European Economic Review 40 (1996), pp. 1647-1664. 
  • "Feasibility and Transversality Conditions for Models of Portfolio Choice with Non-Expected Utility in Continuous Time," Economics Letters 53 (1996), pp. 123-131.
  • "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.
  • "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.
  • "Shipping the Good Times Out: A Note on Apples and Donations of Time and Money," with Cyril Chang, Economics Bulletin January 2002.
  • "Marshallian Recursive Preferences and Growth," with Michael Gootzeit and Johannes Schneider, Journal of Economic Behavior & Organization 49 (2002): 381-404.
  • "Consumption and Saving With Habit Formation and Durability," Economics Letters 75 (2002): 369-375. 
  • "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.
  • "Can the Desire to Conserve Our Natural Resources Be Self-Defeating?" with Young Seob Son, Journal of Environmental Economics & Management 49 (2005): 52-67.  
  •  "Equilibrium Consumption and Precautionary Savings in a Stochastically Growing Economy," with Stephen Turnovsky.  Journal of Economic Dynamics & Control 30 (2006), 243-278.  
  • "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).
  •  “Asset Pricing with Multiplicative Habits and Power-expo Preferences,” with Richard Zhang, Economics Letters March (2007): 319-325.
  •  “Consumption and Risk with Hyperbolic Discounting,” with Heng-Fu Zou and Liutang Gong, Economics Letters 96 (2007): 153-160.
  •  “Inspecting the Mechanism Exactly:  A Closed-form Solution to a Stochastic Growth Model,”BE Contributions to Macroeconomics (August2007).
  • “The Spirit of Capitalism and Excess Smoothness,” with Yulei Luo and Heng-fu Zou, Annals of Economics & Finance 10 (2008): 281-301.
  • “The Spirit of Capitalism, Precautionary Savings, and Consumption,” with Yulei Luo and Heng-fu Zou,” Journal of Money, Credit, & Banking 41 (2009): 543-554.
  • “Time Diversification: Definitions and Some Closed-form Solutions,” with Kee Chung and Tao Wu, Journal of Banking & Finance 33 (2009): 1101-1111.
  • “Uncertainty, the Demand for Health Care, and Precautionary Saving,” with Diego Nocetti, BE Advances in Economic Analysis & Policy vol. 10, issue 1(2010). 
  • “Price Uncertainty, Saving, and Welfare” (2011), with Diego Nocetti, Journal of Economic Dynamics and Control 35, 1139-1149

  • “Precautionary Savings and Labor Supply with Non-Expected Utility Preferences,” with Diego Nocetti (2011),  Journal of Money, Credit & Banking 43, 1475-1504.

  • “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).
  • "The Effects of Wage Volatility on Growth," with Michael Jetter and Olexander Nikolsko-Rzheskyy, Journal of Macroeconomics 37 (2013), pp. 93-109.
  • "Saving-Based Asset Pricing," with Johannes Dyer and Johannes Schneider, Journal of Banking and Finance 37 (2013), pp. 3704-3715,
  • "The Discriminating beta: Prices and Capacity with Correlated Demands," with Catherine Eckel, (2013), forthcoming Southern Economic Journal