We establish that the risk-return tradeoff of cryptocurrencies (Bitcoin, Ripple, and Ethereum) is distinct from those … of stocks, currencies, and precious metals. Cryptocurrencies have no exposure to most common stock market and … returns. Finally, we create an index of exposures to cryptocurrencies of 354 industries in the US and 137 industries in China …

crypto returns. Our results indicate that cryptocurrencies have substantial spillover effects on the real economy through …

estimation method. Every period firms simultaneously select an action from a finite set. We characterize the set of Markov … conditions. We propose a simple estimation procedure which follows the steps in the identification argument. The estimator is …

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation …. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …