Peter Schmidt (born August 8, 1947) is an American

economist An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...

and

econometrician Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New Palgrave: A Dictionary of Economics'', v. 2, p. 8 p. 8 ...

. He holds a University

Distinguished Professor Distinguished Professor is an academic title given to some top tenured professors in a university, school, or department. Some distinguished professors may have endowed chairs. In the United States Often specific to one institution, titles such ...

position at Michigan State University in

East Lansing, Michigan East Lansing is a city in the U.S. state of Michigan. Most of the city lies within Ingham County with a smaller portion extending north into Clinton County. At the 2020 Census the population was 47,741. Located directly east of the state capital ...

. Schmidt is considered a foundational scholar in econometrics, having authored an early textbook in the field as well as over 150 peer-reviewed articles. In addition, Schmidt has been recognized for his excellence in teaching, with one economist stating that "a top twenty economics department could be started up from" the students he has mentored.

Academic career

Schmidt received his PhD in Economics at Michigan State University in 1970. Following his PhD, Schmidt worked as an

assistant professor Assistant Professor is an academic rank just below the rank of an associate professor used in universities or colleges, mainly in the United States and Canada. Overview This position is generally taken after earning a doctoral degree A docto ...

at the

University of North Carolina at Chapel Hill A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States ...

before receiving tenure there in 1974. Schmidt returned to Michigan State in 1977 as a full professor and was named University Distinguished Professor in 1997. Schmidt is the author of a foundational textbook, ''Econometrics'' (1976), as well as three other books and over 150 academic articles.

Takeshi Amemiya is an economist specializing in econometrics and the economy of ancient Greece. Amemiya is the Edward Ames Edmonds Professor of Economics (emeritus) and a Professor of Classics at Stanford University. He is a Fellow of the Econometric Soc ...

has argued that Schmidt's 1977 paper on stochastic frontier models with Dennis Aigner and Knox Lovell is one of the most influential papers ever published in the ''

Journal of Econometrics The ''Journal of Econometrics'' is a scholarly journal in econometrics. It was first published in 1973. Its current managing editors are Serena Ng and Elie Tamer, Torben Andersen and Xiaohong Chen serve as editors. The journal publishes work d ...

''. This and several other works show up on the

Federal Reserve Bank of St. Louis The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks (Ka ...

's list of most-cited economics articles of all time. His 2013 paper with Seung Ahn and Young Lee on

panel data In statistics and econometrics, panel data and longitudinal data are both multi-dimensional data involving measurements over time. Panel data is a subset of longitudinal data where observations are for the same subjects each time. Time series and ...

models is recognized as one of the most cited papers published since 2012 in the ''Journal of Econometrics''.

Honor and recognition

Schmidt has been honored for his academic and teaching contributions to the field of econometrics. In 2014, Schmidt was honored by the publication of a collection of his students' works in ''Festschrift in Honor of Peter Schmidt'' following a 2011 "Conference in Honor of Peter Schmidt." The academic journal ''

Econometric Reviews ''Econometric Reviews'' is a scholarly econometrics Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. M. Hashem Pesaran (1987). "Econometrics," '' The New P ...

'' dedicated a special issue to Schmidt in 2016, citing his "foundational and constructive role in the development of the field of econometrics."

References

{{DEFAULTSORT:Schmidt, Peter Living people Michigan State University alumni Michigan State University faculty University of North Carolina at Chapel Hill faculty Econometricians 1947 births Fellows of the Econometric Society