Contrary to 16th century Europe, individual central banks are able, given flexible exchange rates, to define their medium and long run definition of price stability. 25 Moreover, as far as usual arbitrage considerations still apply, long-term interest rate determination continues to be  24  See ECB (2008). 25  See, e.g., Woodford (2007), “Globalization and Monetary Control,” NBER Working Paper No.
Additionally, higher education has embraced the broader mission of translating research into new products and enterprises; our colleges and universities account for 15 percent of applied research and development (National Science Foundation, 2007). The innovations that begin on campuses are diffused to businesses through patents, start-up companies, and consulting arrangements between faculty and industry.