The Carnegie-Rochester Conference on Public Policy is designed to foster research and discussion of major policy issues by economists from academia and policymaking organizations. The conference has three goals. First, to stimulate policy relevance in theoretical and empirical research in economic science. Second, to encourage the interchange of scientific ideas among analysts with different approaches. Third, to develop greater understanding among academic researchers of the multiple factors that make up the economic policy environment. The result is that the conference brings together a diverse audience and encourages academic researchers to focus on problems that are of importance for economic policy. Conference attendees include participants from US and foreign central banks and international agencies as well as promising young scholars. The conference papers and formal discussions are published annually and are widely distributed in the policy making community.