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Mining Gold for the Currency during the Pax Romana

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  • Hartwick, John

Abstract

We 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 seignor- age 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 prosper- ity enjoyed by Roman Italy and its provinces during the so-called Pax Romana (31 BC to 165 CE) and we attempt to capture sig- nificant shifts in variables during the decline.

Suggested Citation

  • Hartwick, John, 2013. "Mining Gold for the Currency during the Pax Romana," Queen's Economics Department Working Papers 274638, Queen's University - Department of Economics.
    • Handle: RePEc:ags:quedwp:274638
    DOI: 10.22004/ag.econ.274638
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
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    4. Temin, Peter, 2004. "Financial Intermediation in the Early Roman Empire," The Journal of Economic History, Cambridge University Press, vol. 64(3), pages 705-733, September.
    5. Peter Temin, 2001. "A Market Economy in the Early Roman Empire," Economics Series Working Papers 2001-W39, University of Oxford, Department of Economics.
    6. Blinder, Alan S. & Solow, Robert M., 1976. "Does fiscal policy matter? : A correction," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 183-184.
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