Mining Gold for the Currency during the Pax Romana
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 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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- 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," Oxford University Economic and Social History Series _039, Economics Group, Nuffield College, University of Oxford.
- Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
- Peter Temin, 2001. "A Market Economy in the Early Roman Empire," Economics Series Working Papers 2001-W39, University of Oxford, Department of Economics.
- 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.
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