34 Pages Posted: 20 Apr 2005
Date Written: April 14, 2005
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: 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