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Mining Gold for the Currency during the Pax Romana

  • John Hartwick

    ()

    (Queen's University)

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    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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    File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1313.pdf
    File Function: First version 2013
    Download Restriction: no

    Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1313.

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    Length: 49 pages
    Date of creation: Aug 2013
    Date of revision:
    Handle: RePEc:qed:wpaper:1313
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    Web page: http://qed.econ.queensu.ca/
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    1. Peter Temin, 2001. "A Market Economy in the Early Roman Empire," Economics Series Working Papers 2001-W39, University of Oxford, Department of Economics.
    2. Peter Temin, 2006. "The Economy of the Early Roman Empire," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 133-151, Winter.
    3. 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.
    4. 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.
    5. 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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