2026 Federal Reserve Stress Testing Research Conference

The conference will be held at the Federal Reserve Bank of Boston on November 5 and 6, 2026. Please email [email protected] with any questions. Stress testing has become a key tool for evaluating the resilience of banks and the financial system. The Federal Reserve conducts annual supervisory stress tests of large US banks, and similar frameworks have been adopted internationally. The broad adoption has also led stress testing to become a more prominent risk management tool for financial institutions. As new risks emerge, stress testing should remain responsive to the evolving financial landscape. Achieving this requires engagement with the latest developments in research and policy. We intend to host the conference 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. Azamat Abdymomunov, Federal Reserve Bank of Richmond Anne Artrip, Federal Reserve Bank of Richmond Ronel Elul, Federal Reserve Bank of Philadelphia Sharjil Haque, Board of Governors of the Federal Reserve System Michal Kowalik, Federal Reserve Bank of Boston Lily Liu, Federal Reserve Bank of Boston Jose A. Lopez, Federal Reserve Bank of San Francisco Yue Qiu, Federal Reserve Bank of Philadelphia James Wang, Board of Governors of the Federal Reserve System Francisco Covas (Board of Governors of the Federal Reserve System) Juliane Begenau (Stanford University and the Federal Reserve Bank of San Francisco) Shock Transmission Through Bank–Nonbank Linkages: Evidence from Private Credit Manasa Gopal (Georgia Tech), Camelia Minoiu, Veronika Penciakova Discussant: Jessie Wang (Board of Governors of the Federal Reserve System) Synthetic but How Much Risk Transfer? Alex Osberghaus (University of Zurich), Glenn Schepens Discussant: Fulvia Fringuellotti (Federal Reserve Bank of New York) From Stress to Strategy: How Banks Balance the Scales Javier Ojea-Ferreiro (Bank of Canada), Ruben Hipp Discussant: Til Schuermann (Oliver Wyman) Macroeconomic Parameter Instability in Auto Loan Loss Models Nicholas T. Fritsch (Federal Reserve Bank of Cleveland), Edward S. Prescott Discussant: Geng Li (Board of Governors of the Federal Reserve System) Doriana Ruffino (Board of Governors of the Federal Reserve System) Open to All Comers: How Shifts in the Supply of Deposits Affect Banks Michael Gelman (University of Delaware), Andrew MacKinlay Discussant: Jason Allen (University of Wisconsin) Bank Convexity Risk: How Interest Rate Uncertainty Impacts Banks Priyank Gandhi (Rutgers University), Martijn Cremers, Darius Palia Discussant: Mark Flannery (University of Florida) Bank Depositor Composition and the Supply of Credit Kristian Blickle (Federal Reserve Bank of New York), Cecilia Parlatore, Anthony Saunders Discussant: Elena Loutskina (University of Virginia) A Quantitative Model of Bank Merger Dynamics Pablo D’Erasmo (Federal Reserve Bank of Philadelphia), Dean Corbae Discussant: Yufeng Wu (Ohio State University) The Shadow Cost of Bank Liquidity Regulation Leili Pour Rostami (UMass-Boston), Rashad Ahmed, Stephen A. Karolyi, John Sedunov Discussant: Chuck Fang (Drexel University)