This paper argues that the endogeneity of amenities plays a crucial role in determining the welfare distribution across a city’s residents. We quantify this mechanism by constructing a dynamic model of residential choice with heterogeneous households, where consumption amenities are the...

Using the capital asset pricing model, this article critically assesses the relative importance of computing 'realized' betas from high-frequency returns for Bitcoin and Ethereum-the two major cryptocurrencies-against their classic counterparts using the 1-day and 5-day return-based betas. The...