As far as I know the single qubit gate
$$ e^{i\beta\sigma_z} = \begin{bmatrix} e^{i\beta} & 0 \\ 0 & e^{-i\beta} \end{bmatrix} = e^{i\beta} \begin{bmatrix} 1 & 0 \\ 0 & e^{-i2\beta} \end{bmatrix} = e^{i\beta} R_Z(-2\beta). $$
However, I have seen the above gate implemented using $U_1(2\beta)$, where $ U_1(\lambda) = \begin{bmatrix} 1 & 0 \\ 0 & e^{i\lambda} \end{bmatrix} $
Is $e^{i\beta} R_Z(-2\beta)$ equivalent to $U_1(2\beta)$?
Update:
As Davit explains below, $e^{i\theta/2} R_Z(\theta) = U_1(\theta)$, so with $\frac{\theta}{2}=\beta$ we have $e^{i\beta} R_Z(2\beta) = U_1(2\beta)$. Note the difference: in this case the $Z$-rotation is positive, whereas in my original question it is negative.