[2] 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.
Following his PhD, Schmidt worked as an assistant professor at the University of North Carolina at Chapel Hill before receiving tenure there in 1974.
[1] Schmidt is the author of a foundational textbook, Econometrics (1976),[4] as well as three other books and over 150 academic articles.
[5] This and several other works show up on the Federal Reserve Bank of St. Louis's list of most-cited economics articles of all time.