Abstract. We propose and analyze a simplified fluid-structure coupled model for flows with compliant walls. As in [F. Nobile and C. Vergara, SIAM J. Sci. Comput., 30 (2008), pp. 731-763], the wall reaction to the fluid is modeled by a small displacement viscoelastic shell where the tangential stress components and displacements are neglected. We show that within this small displacement approximation a transpiration condition can be used which does not require an update of the geometry at each time step, for pipe flow at least. Such simplifications lead to a model which is well posed and for which a semi-implicit time discretization can be shown to converge. We present some numerical results and a comparison with a standard test case taken from hemodynamics. The model is more stable and less computer demanding than full models with moving mesh. We apply the model to a three-dimensional arterial flow with a stent. 1. Introduction. Fluid-structure interaction (FSI) is computationally challenging because it involves moving geometries and the coupling of Lagrangian and Eulerian models [31,41]; most popular applications are for biofluid dynamics, hemodynamics, and aerospace. This paper is a contribution to FSI algorithms, not to hemodynamics as such; but since we need to compare solutions we chose this field because it is well documented. Other applications like aircraft design and tires for instance have additional intrinsic difficulties which complicate the comparison with a simplified model.Computational hemodynamics has important applications (see [62,27] or [61,46], and the references therein). Modeling flow in a large blood vessel can be done with incompressible Navier-Stokes equations. The blood vessel is more difficult to model as it is a complex material for which the rheology is unclear because it is different in vitro from in vivo [62]. No doubt future computers will be able to handle this complexity and one will use large displacement nonlinear models for the structure [63]. However in the meantime there is a need for fast, well understood, and appropriate though less accurate models.To handle the complexity of moving walls, the method of immersed boundaries has been used-if not invented-by Peskin, the pioneer of computational hemodynamics [49,48,50,64]. The mathematical analysis of this method is difficult [5,42] and it is also hard to incorporate an elaborate viscoelastic model for the vessels, how-