Originally Posted by Perche

Depends on which Augustus you mean. All of the emperors were called Augustus for a long time. Cesar Augustus died in 14 AD and was followed by Tiberius Cesar Augustus died in 37 AD. He was followed by Caligula Cesar Augustus, who was followed by Claudius Cesar Augustus, then Nero Cesar Augustus.

https://it.wikipedia.org/wiki/Ferragosto
Il Ferragosto nell'Antica Roma
Il termine Ferragosto deriva dalla locuzione latina feriae Augusti (riposo di Augusto) indicante una festività istituita dall'imperatore Augusto nel 18 a.C. che si aggiungeva alle esistenti e antichissime festività cadenti nello stesso mese, come i Vinalia rustica o i Consualia, per celebrare i raccolti e la fine dei principali lavori agricoli. L'antico Ferragosto, oltre agli evidenti fini di auto-promozione politica, aveva lo scopo di collegare le principali festività agostane per fornire un adeguato periodo di riposo, anche detto Augustali, necessario dopo le grandi fatiche profuse durante le settimane precedenti.

The term Ferragosto derives from the latin phrase, Augustinian holidays, (the rest of August) and indicates a festival instituted by the Emperor Augusto in 18 AD that was joined with already existing ancient festivals that fall in the same month, like the rustic Visalia or the Consualia, to celebrate the harvest and end of the major agricultural work. The ancient Ferragosto with the goal of political self-promotion, had the goal of tying the principal festivals of August to provide an adequate period of rest, also an Augustinian saying, necessary after the great, profound fatigue caused by efforts during the previous weeks.

Also http://www.swide.com/art-culture/ita...aly/2013/08/15

Religious Significance - The history of the Italian Festival Ferragosto Assumption

The Catholic Church celebrates this date as a Holy Day of Obligation to commemorate the Assumption of the Blessed Virgin Mary, the physical elevation of her sinless soul and incorrupt body, into Heaven. Before the Christianity came into existence, however, this holiday was celebrated in the Roman Empire to honour the gods, in particular Diana, and the cycle of fertility and ripening.