Hierarchical memory is a cornerstone of modern hardware design because it provides high memory performance and capacity at a low cost. However, the use of multiple levels of memory and complex cache management policies makes it very difficult to optimize the performance of applications running on hierarchical memories. As the number of compute cores per chip continues to rise faster than the total amount of available memory, applications will become increasingly starved for memory storage capacity and bandwidth, making the problem of performance optimization even more critical. We propose a new methodology for measuring and modeling the performance of hierarchical memories in terms of the application’s utilization of the key memory resources: capacity of a given memory level and bandwidth between two levels. This is done by actively interfering with the application’s use of these resources. The application’s sensitivity to reduced resource availability is measured by observing the effect of interference on application performance. The resulting resource-oriented model of performance both greatly simplifies application performance analysis and makes it possible to predict an application’s performance when running with various resource constraints. This is useful to predict performance for future memory-constrained architectures. The research leading to these results has received funding from the European Research Council under the European Union’s 7th FP (FP/2007-2013) / ERC GA n. 321253. Work partially supported by the Spanish Ministry of Science and Innovation (TIN2012-34557). This article has been authored in part by Lawrence Livermore National Security, LLC under Contract DE-AC52-07NA27344 with the U.S. Department of Energy. Accordingly, the United States Government retains and the publisher, by accepting the article for publication, acknowledges that the United States Government retains a non-exclusive, paid-up, irrevocable, world-wide license to publish or reproduce the published form of this article or allow others to do so, for United States Government purposes. This work was partially supported by the Department of Energy Office of Science (Advanced Scientific Computing Research) Early Career Grant, award number NA27344. Peer Reviewed