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Adaptation and Central Banking

26 Pages Posted: 4 Aug 2017 Last revised: 22 Aug 2017

Alexander William Salter

Texas Tech University - Rawls College of Business

William J. Luther

Kenyon College

Date Written: August 21, 2017


What governs central bank decisions? Most considerations to date have focused on motivations. Instead, we consider the extent to which specific behaviors have adaptive value in the context of central banking. From this perspective, poor decisions are not the product of poor motivations. They are, instead, a product of the poor institutions within which central bank decision makers operate.

Keywords: Adaptation, Bailout, Central Bank, Motivation, Seigniorage, Selection, Research

JEL Classification: E31, E42, E52, E58

Suggested Citation

Salter, Alexander William and Luther, William J., Adaptation and Central Banking (August 21, 2017). Available at SSRN:

Alexander William Salter (Contact Author)

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States


William J. Luther

Kenyon College ( email )

Gambier, OH 43022
United States


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