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Money and Prices in the Early Roman Empire

34 Pages Posted: 20 Apr 2005  

David Kessler

Harvard University

Peter Temin

Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: April 14, 2005

Abstract

We examine monetization in the early Roman Empire by considering money as a unit of account. Widespread use of prices indicates widespread monetization. A consistent set of prices for wheat indicates that this monetization encouraged trade to grow across the Mediterranean. This argument is documented with a statistical test, preceded by a non-technical introduction and followed by consideration of a range of possible objections.

Keywords: money, monetization, international trade, regression analysis, early Roman Empire

JEL Classification: N13, F14, C10

Suggested Citation

Kessler, David and Temin, Peter, Money and Prices in the Early Roman Empire (April 14, 2005). MIT Department of Economics Working Paper No. 05-11. Available at SSRN: https://ssrn.com/abstract=704724 or http://dx.doi.org/10.2139/ssrn.704724

David Kessler

Harvard University ( email )

Cambridge, MA 02138
United States

Peter Temin (Contact Author)

Massachusetts Institute of Technology (MIT) - Department of Economics ( email )

50 Memorial Drive
E52-280a
Cambridge, MA 02142
United States
617-253-3126 (Phone)
617-253-6915 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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