Tiberius’s experiences with zero interest rates in 33 AD
Can the ECB learn from policies used in ancient history?
The battle of Actium (September 2, 31 BC), fought by Octavian (soon to be the Roman emperor Augustus) against his rival Mark Antony1 and Egyptian Queen Cleopatra, was one of the defining battles in Mediterranean history. It was also an important turning point for Roman finances. Cleopatra, who initially fled the scene and tried to transfer some the remains of her fleet from the Mediterranean to the Red Sea2 with part of the vast Egyptian treasury, was convinced by Mark Antony to stay in Egypt.3
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