2025 Federal Reserve Stress Testing Research Conference 
The conference will be held at the Federal Reserve Bank of Boston on October 16 and 17, 2025.
Please email StressTestingConference@frb.gov 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
Registration and Breakfast
Opening Remarks
Panel on Bank Funding and Deposit Risks
George Pennacchi (University of Illinois Urbana-Champaign)
Stephen Cecchetti (Brandeis University)
Beverly Hirtle (FRB New York)
Shohini Kundu (UCLA Anderson)
Amiyatosh Purnanandam (University of Texas Austin)
Lunch
Credit and Market Risk
Alejandro Casado (Bank of Spain) and David Martinez-Miera
David Glancy (Federal Reserve Board) and Robert Kurtzman
Yao Lu (Cornell University), Sanjeev Bhojraj, Miao Liu, Partha Sengupta, and Anya Kleymenova
Break
Operational Risks and Cyber
Ixart Miquel-Flores (ECB), Nordine Abidi, Christoffer Kok, Leonardo Madio, and Alberto Partida
Ping McLemore (FRB Richmond) and Atanas Mihov
Reception
Friday, October 17, 2025
Breakfast
Regulatory Impact
Aakriti Mathur (Bank of England), Peter Eckley, and William Francis
Angelo Cuzzola (Sant'Anna School of Advanced Studies), Claudio Barbieri, and Grzegorz Halaj
Break
Lessons from Stress
Thomas Kroen (IMF), Fulvia Fringuellotti
Peteris Kloks (University of St. Gallen)