Research
Published Papers
Bethune Z., Choi M., Lotz S., Rocheteau G. "Inflation and Unemployment in the long run revisited"
The Economic Journal, cond. accepted
Lotz S., Vasselin F. (2019). “A New Monetarist Model of Fiat and E-Money”
Economic Inquiry, January, vol. 57, Issue 1, 498-514.
Lotz S., Zhang C. (2016). “Money and credit as means of payment: A new monetarist approach”
Journal of Economic Theory, vol. 164, July, pp. 68-100.
Lotz S., Shevchenko A., Waller C. (2007). “Heterogeneity and Lotteries in Monetary Search Models”
Journal of Money, Credit, and Banking, vol. 39, No. 2-3, March-April, pp. 703-712
Lotz S., Shevchenko A., Waller C. (2007). “Intensive versus Extensive Margin Tradeoffs in a Simple Monetary Search Model”
Annals of Economics and Statistics, vol. 86, Avril/juin, pp. 139-146.
Lotz S. (2004). “Introducing a New Currency: Government Policy and Prices”
European Economic Review, vol. 48 (5), October, pp. 959-982.
Lotz S., Rocheteau G. (2004). “The Fate of One-Dollar Coins in the U.S.”
Federal Reserve Bank of Cleveland, Economic Commentary, October 15.
Lotz S., Rocheteau G. (2002). “On the Launching of a New Currency”
Journal of Money, Credit, and Banking, vol. 34 (3), Part 1, August, pp. 563-588.
Lotz S., (2002). “Introduction d’une nouvelle monnaie et prix”
Economies et Sociétés (série monnaie), vol. 3 (1), pp. 131-151.
Lotz S., Rocheteau G. (2001). “Substitution des monnaies et cours legal”
Revue d’Economie Politique, 111 (3), mai-juin, pp. 460-480.
Reports
The Coin-Note Boundary (Report for Monnaie de Paris – French Mint), 2012
Working Papers
Intermediation and Monetary Policy in a Dollarized Economy, with Mohammed Ait Lahcen and Pedro Gomis-Porqueras, 2025
We study different aspects of dollarization in an economy where both the local and a foreign currency can be used for transactions. Agents face heterogeneous liquidity needs in a frictional goods market where fiat money is essential. In contrast to local currency, foreign currency offers a better rate of return, but sellers bear a fee to accept it as a payment. Different equilibria arise where one or both currencies circulate. We show that allowing foreign currency bank accounts (FCBAs) can have different welfare implications depending on the difference in rate of return between the domestic and the foreign currency. Finally, we discuss the welfare implications of various policies that have been implemented in dollarized economies such as differential reserve requirements and a tax on FCBAs.