Mining Gold for the Currency during the Pax Romana
AbstractWe set out a simple four sector macro model of the economy of the Roman Empire during a period of considerable economic prosperity. Our focus is on gold coins as currency and the seignorage which the government used to fund its activities. We solve numerically for a balanced growth representation of the economy of the empire, a solution that captures the intricacies of money creation, currency expansion and seignorage. We subscribe to the view that the exhaustion of low-cost gold and silver deposits contributed significantly to the ending of the economic prosperity enjoyed by Roman Italy and its provinces during the so-called Pax Romana (31 BC to 165 CE) and we attempt to capture significant shifts in variables during the decline.
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Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 1313.
Length: 49 pages
Date of creation: Aug 2013
Date of revision:
Roman money supply; gold coinage; money during Pax Romana;
Find related papers by JEL classification:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-23 (All new papers)
- NEP-HIS-2013-08-23 (Business, Economic & Financial History)
- NEP-MAC-2013-08-23 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Peter Temin, 2006. "The Economy of the Early Roman Empire," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 133-151, Winter.
- Blinder, Alan S. & Solow, Robert M., 1973. "Does fiscal policy matter?," Journal of Public Economics, Elsevier, vol. 2(4), pages 319-337.
- Peter Temin, 2001. "A Market Economy in the Early Roman Empire," Oxford University Economic and Social History Series _039, Economics Group, Nuffield College, University of Oxford.
- David Kessler & Peter Temin, 2007. "The organization of the grain trade in the early Roman Empire," Economic History Review, Economic History Society, vol. 60(2), pages 313-332, 05.
- Peter Temin, 2001. "A Market Economy in the Early Roman Empire," Economics Series Working Papers 2001-W39, University of Oxford, Department of Economics.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Seigniorage loss and the fall of the Roman Empire
by Economic Logician in Economic Logic on 2013-09-27 14:27:00
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