Arbeitspapier
The Bitcoin-macro disconnect
This paper investigates the link between Bitcoin and macroeconomic fundamentals by estimating the impact of macroeconomic news on Bitcoin using an event study with intraday data. The key result is that, unlike other U.S. asset classes, Bitcoin is orthogonal to monetary and macroeconomic news. This disconnect is puzzling as unexpected changes in discount rates should, in principle, affect the price of Bitcoin even when interpreting Bitcoin as a purely speculative asset.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 1052
- Klassifikation
-
Wirtschaft
- Thema
-
Bitcoin
U.S. asset prices
high-frequency data
monetary surprises
macroeconomic announcements
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Benigno, Gianluca
Rosa, Carlo
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2023
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Benigno, Gianluca
- Rosa, Carlo
- Federal Reserve Bank of New York
Entstanden
- 2023
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