2023 Federal Reserve Stress Testing Research Conference 2023 Federal Reserve Stress Testing Research Conference

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Thursday, October 19, 2023
Friday, October 20, 2023
Federal Reserve Bank of Boston

The conference will be held in a hybrid format, at the Federal Reserve Bank of Boston as well as online, on October 19 and 20, 2023.

At this time, the conference is closed to all Media. The Vice Chair's remarks will be livestreamed. Please email StressTestingConference@frb.gov with any questions.


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 in recent years. 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 held at the Federal Reserve Bank of Boston, with an option to participate virtually as well.

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

Ronel Elul, Federal Reserve Bank of Philadelphia
Nick Klagge, Federal Reserve Bank of Chicago
Michał Kowalik, Federal Reserve Bank of Boston
John Krainer, Federal Reserve Board
Jose A. Lopez, Federal Reserve Bank of San Francisco
Doriana Ruffino, Federal Reserve Board
Daniela Scidá, Federal Reserve Bank of Richmond
Young Hwa Seok, Federal Reserve Board

Preliminary agenda, subject to change
Thursday, October, 19, 2023

9:45 to 10:00

Welcoming Remarks and Introductions

Introduction: Ken Heinecke (FRB-Minneapolis)

10:00 to 12:30

Session 1: Bank Funding Shocks

Chair: Ronel Elul (FRB-Philadelphia)


Banking on Uninsured Deposits


Itamar Drechsler (University of Pennsylvania)
Alexi Savov (NYU)
Philipp Schnabl (NYU)
Olivier Wang (NYU)*


Lucy White (Boston University)


Social Media as a Bank Run Catalyst


J. Anthony Cookson (University of Colorado-Boulder)*
Corbin Fox (James Madison University)
Javier Gil-Bazo (Universitat Pompeu Fabra)
Juan F. Imbet (Université Paris Dauphine)
Christoph Schiller (ASU)


Leslie Shen (FRB-Boston)


Securities Portfolio Management in the Banking Sector


Samuel Rosen (Temple University)*
Xun Zhong (Fordham University)


Stephan Luck (FRB-New York)

12:30 to 1:30

Lunch Break

1:30 to 2:15

Keynote Address

(will also be livestreamed)


Lisa Ryu (FRB)


Michael S. Barr, Vice Chair for Supervision, Federal Reserve Board

2:15 to 2:30


2:30 to 5:00

Session 2: Inflation, Interest Rates, and Banking

Chair: Young Hwa Seok (Federal Reserve Board)


Interest Rate Risk in the U.S. Banking Sector


Azamat Abdymomunov (FRB-Richmond)*
Jeffrey Gerlach (FRB-Richmond)
Yuji Sakurai (IMF)


William B. English (Yale University)


Monetary Transmission through Bank Securities Portfolios


Daniel Greenwald (NYU)*
John Krainer (Federal Reserve Board)
Pascal Paul (FRB-San Francisco)


Philip Strahan (Boston College)


Do Banks Gain from Higher Inflation? Evidence from Consumer Price Inflation Surprises


Anil Jain (Federal Reserve Board)
Nathan Converse (Federal Reserve Board)


Yufeng Wu (Ohio State University)


End of Day 1 - Happy Hour

Friday, October, 20, 2023

8:45 to 9:00


Introduction: Michal Kowalik (FRB-Boston)

9:00 to 11:30

Session 3: Stress Testing and its Impacts

Chair: Jose A. Lopez (FRB-San Francisco)


Optimal Severity of Stress Test Scenarios


Johannes J. Fischer (Bank of England)
Natalie Kessler (Vrije Universiteit Amsterdam)*


Cecilia Parlatore (NYU-Stern)


Stress Tests, Information Disclosure and Credit Line Runs


Jose E. Gutierrez* (Banco de España)
Luis Fernández Lafuerza (Banco de España)


Ralf Meisenzahl (FRB-Chicago)


Climate Stress Tests, Bank Lending, and the Transition to the Carbon-Neutral Economy


Larissa Fuchs (University of Cologne)
Huyen Nguyen (IWH)
Trang Nguyen (University of Bristol)
Klaus Schaeck (University of Bristol)*


Ricardo Correa (Federal Reserve Board)

11:30 to 11:45


11:45 - 12:45

Session 4: Lightning Session

Chair: Lily Liu (FRB-Boston)


Partial Effects of Fed Tightening on U.S. Banks' Capital


Mark J. Flannery (University of Florida)*
Sorin M. Sorescu (Texas A&M)


Flight to Safety in the Regional Bank Crisis of 2023

Cecilia Caglio (Federal Reserve Board)*
Jennifer Dlugosz (Federal Reserve Board)
Marcelo Rezende (Federal Reserve Board)

12:45 to 1:30

Lunch Break

1:30 to 3:00

Session 5: Topics in Credit Risk

Chair: Nate Hoover (FRB-Boston)


Are Banks Really Informed? Evidence from their Private Credit Assessments


Mehdi Beyhaghi (FRB-Richmond)
Gregory Weitzner (McGill University)*


Mitchell Berlin (FRB-Philadelphia)


Lease Expirations and CRE Property Performance


David Glancy* (Federal Reserve Board)
J. Christina Wang (FRB-Boston)


Vrinda Mittal (UNC Chapel Hill)


End of Day 2

*presenting author


Stress Testing Research Conference Organizing Committee