2025 FEDERAL RESERVE STRESS TESTING RESEARCH CONFERENCE

The following information was released by the Federal Reserve Bank of Boston:

Thursday, October 16, 2025

Friday, October 17, 2025

Federal Reserve Bank of Boston

Past Conferences

The conference will be held at the Federal Reserve Bank of Boston on October 16 and 17, 2025.

Please email [email protected] with any questions.

Background

Since the financial crisis, stress testing has become a key tool for evaluating the resilience of financial institutions and the financial system. For example, stress tests of U.S. large banking organizations are now conducted annually under the Dodd-Frank Act, and similar stress testing efforts have also been adopted internationally. Stress testing has become increasingly important in assessing the resilience of the financial system as a whole and the strength of the balance sheets of firms and households. It has also become a more prominent risk management tool for financial institutions. Accordingly, stress testing as a discipline has become an increasingly important area for economic research and policy.

Conference Format

The conference will be hosted in person at the Federal Reserve Bank of Boston. Some limited funding to cover travel expenses may be available for paper presenters and discussants from academic institutions. The conference will consist of presentations of academic research papers. Some of the paper presentations will be followed by discussions.

With the authors' approval, the papers presented at the conference may be made available to the public on the website of the Federal Reserve Bank of Boston.

Organizing Committee

Azamat Abdymomunov, Federal Reserve Bank of Richmond

Ronel Elul, Federal Reserve Bank of Philadelphia

Anne Hansen, Federal Reserve Bank of Richmond

Sharjil Haque, Federal Reserve Board

Michal Kowalik, Federal Reserve Bank of Boston

Lily Liu, Federal Reserve Bank of Boston

Jose A. Lopez, Federal Reserve Bank of San Francisco

Matthew Plosser, Federal Reserve Bank of New York

James Wang, Federal Reserve Board

Thursday, October 16, 2025

9:15 AM 10:00 AM

Registration and Breakfast

10:00 AM 10:30 AM

Opening Remarks

10:30 AM 12:00 PM

Panel on Bank Funding and Deposit Risks

Moderator:

George Pennacchi (University of Illinois Urbana-Champaign)

Panelists:

Stephen Cecchetti (Brandeis University)

Beverly Hirtle (FRB New York)

Shohini Kundu (UCLA Anderson)

12:00 PM 1:00 PM

Lunch

1:00 PM 3:30 PM

Credit and Market Risk

Banks Specialization and Private Information

Alejandro Casado (Bank of Spain) and David Martinez-Miera

Discussant: Greg Weitzner (McGill University)

Determinants of Pandemic-era CRE Distress: Implications for the Banking Sector

David Glancy (Federal Reserve Board) and Robert Kurtzman

Discussant: Ralf Meisenzahl (FRB Chicago)

Imperfect Expectations in Loan Loss Forecast

Yao Lu (Cornell University), Sanjeev Bhojraj, Miao Liu, Partha Sengupta, and Anya Kleymenova

Discussant: Hristiana Vidinova (University of Texas Austin)

3:30 PM 4:00 PM

Break

4:00 PM 5:30 PM

Operational Risks and Cyber

Disciplining Digital Risk: Evidence from Cyber Stress Tests

Ixart Miquel-Flores (ECB),Nordine Abidi, Christoffer Kok, Leonardo Madio, and Alberto Partida

Discussant: Sophia Kazinnik (Stanford University)

AI and Operational Losses: Evidence from U.S. Bank Holding Companies

Ping McLemore (FRB Richmond) and Atanas Mihov

Discussant: Anna Chernobai (Syracuse University)

5:30 PM

Reception

Friday, October 17, 2025

8:00 AM 8:45 AM

Breakfast

8:45 AM 9:00 AM

Opening Remarks

Patrick deFontnouvelle (Federal Reserve Bank of Boston)

9:00 AM 10:30 AM

Regulatory Impact

In the dangerzone! Regulatory uncertainty and voluntary bank capital surpluses

Aakriti Mathur (Bank of England), Peter Eckley, and William Francis

Discussant: Teodora Paligorova (Federal Reserve Board)

Gaming the Test? Window-dressing and portfolio similarity around the EU-wide stress tests

Angelo Cuzzola (Sant'Anna School of Advanced Studies), Claudio Barbieri, and Grzegorz Halaj

Discussant: Stefan Walz (Boston College)

10:30 AM 11:00 AM

Break

11:00 AM 12:30 PM

Lessons from Stress

Payout Restrictions and Bank Risk-Shifting

Thomas Kroen (IMF), Fulvia Fringuellotti

Discussant: Ivan Ivanov (FRB Chicago)

Swap Line Dollar Supply

Peteris Kloks (University of St. Gallen)

Discussant: Lina Lu (FRB Boston)

Contacts

Stress Testing Research Conference Organizing Committee

[email protected]