About

Matteo Benetton is an Assistant Professor of Finance at the Haas School of Business, University of California at Berkeley. He is also a CEPR Research Affiliate and a member of the Household Finance Network. His professional profile indicates a focus on finance research, and he is actively involved in academic and research communities related to household finance. Further details about his specific research interests, background, or key contributions are not provided in the available page text.

Research topics

• Monetary economics
• Computer Science
• Economics
• Business
• Finance
• Financial system
• Financial economics
• Computer Security
• Econometrics
• Microeconomics

Selected publications

• Mortgage Pricing and Monetary Policy

  American Economic Review · 2025-02-28 · 6 citations

  articleOpen access1st authorCorresponding

  This paper examines how central bank policies influence mortgage pricing in the United Kingdom. It shows that lenders price discriminate by offering two-part tariffs of interest rates and origination fees, and during unconventional monetary policies like the Funding for Lending Scheme, lenders reduced interest rates while increasing fees. Using a model of mortgage demand and lender competition, we find that central bank policies increased mortgage lending. Additionally, banning origination fees would reduce lending, as fees help lenders capture surplus while allowing them to price discriminate across borrowers with different sensitivities to rates and fees. (JEL E43, E52, E58, G21, G28, R31)

  PublisherOA PDFDOI

• Celebrity Persuasion

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access1st authorCorresponding
  PublisherDOI

• Investors’ Beliefs and Cryptocurrency Prices

  The Review of Asset Pricing Studies · 2024 · 34 citations

  1st authorCorresponding
  • Computer Science
  • Computer Security
  • Monetary economics

  Abstract We explore the impact of investors’ beliefs on cryptocurrency demand and prices using new individual-level survey data and a structural characteristics-based demand model with differentiated cryptocurrencies and heterogeneous investors. We show that younger individuals with lower incomes are more optimistic about the future value of cryptocurrencies, as are late investors. We identify the model combining observable beliefs with an instrumental variable strategy that exploits variation in the production of different cryptocurrencies. Counterfactual analyses quantify the impact on portfolio allocations and equilibrium prices of (i) (regulating) entry of late optimistic investors, and (ii) growing concerns among investors about the sustainability of energy-intensive proof-of-work cryptocurrencies. (JEL: D84, G11, G41)

  PublisherDOI

• Revolving Credit to SMEs: The Role of Business Credit Cards

  SSRN Electronic Journal · 2024-01-01 · 1 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• Do House Prices Reflect Climate Change Adaptation? Evidence from the City on the Water

  SSRN Electronic Journal · 2023-01-01 · 6 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• When Cryptomining Comes to Town: High Electricity-use Spillovers to the Local Economy

  SSRN Electronic Journal · 2023-01-01 · 18 citations

  articleOpen access1st authorCorresponding
  PublisherDOI

• When Cryptomining Comes to Town: High Electricity-use Spillovers to the Local Economy

  National Bureau of Economic Research · 2023-06-01 · 3 citations

  reportOpen access1st authorCorresponding

  Cryptomining, the clearing of cryptocurrency transactions, uses large quantities of electricity. We document that cryptominers' use of local electricity implies higher electricity prices for existing small businesses and households. Studying the electricity market in Upstate NY and using the Bitcoin price as an exogenous shifter of the part of the supply curve faced by the community, we estimate the electricity demand functions for small businesses and households. Based on our estimates, we calculate counterfactual electricity bills, finding that small businesses and households paid an extra $92 million and $204 million annually in Upstate NY because of increased electricity consumption from cryptominers. Local governments in Upstate NY realize more business taxes, but this only offsets a small portion of the costs from higher community electricity bills. Using data on China, where electricity prices are fixed, we find that rationing of electricity in cities with cryptomining entrants deteriorates wages and investments, consistent with crowding-out effects on the local economy. Our results point to a yet-unstudied negative spillover from technology processing to local communities, which would need to be considered against welfare benefits.

  PublisherDOI

• When Cryptomining Comes to Town: High Electricity-Use Spillovers to the Local Economy

  SSRN Electronic Journal · 2023-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• Replication Data for: Investors' Beliefs and Cryptocurrency Prices

  Harvard Dataverse · 2023-12-06

  datasetOpen access1st authorCorresponding

  Replication package for: Investors' Beliefs and Cryptocurrency Prices

  PublisherDOI

• Index providers: Whales behind the scenes of ETFs

  Journal of Financial Economics · 2023-06-29 · 22 citations

  articleOpen accessCorresponding

  Most ETFs replicate indexes licensed by index providers. We show that index providers wield strong market power and charge large markups to ETFs that are passed on to investors. We document three stylized facts: (i) the index provider market is highly concentrated; (ii) investors care about the identities of index providers, although they explain little variation in ETF returns; and (iii) over one-third of ETF expense ratios are paid as licensing fees to index providers. A structural decomposition attributes 60% of licensing fees to index providers’ markups. Counterfactual analyses show that improving competition among index providers reduces ETF expense ratios by up to 30%.

  PublisherDOI

Frequent coauthors

• Marianna Kudlyak

  Hoover Institution

  18 shared

• Nicola Garbarino

  Bank of England

  13 shared

• Giovanni Compiani

  University of Chicago

  11 shared

• Philippe Bracke

  11 shared

• Alessandro Gavazza

  London School of Economics and Political Science

  10 shared

• Adair Morse

  10 shared

• Paolo Surico

  8 shared

• Peter Eckley

  University of Oxford

  6 shared

Awards & honors

• EARIE Paul Geroski Prize for the most significant policy con…
• First CEPR-TFI Household Finance Best Student Paper Award (2…
• Becker-Friedman Institute Macro-Financial Modelling Disserta…
• LSE Student Union Teaching Excellence Award (2016)