00000cam 2200000zi 4500 9.966919 CaOODSP 20261019132322 m o d f cr cn||||||||| 261019t20262026onca ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- x7y2 FB3-8/2026-50E-PDF Barnes, Brett, author. Stress in the press or stress in the market : a new measure of perceived financial stress / Brett Barnes, Thibaut Duprey, Fred Liu. [Ottawa] : Bank of Canada = Banque du Canada, 2026. ©2026 1 online resource (58 pages) : colour illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff analytical paper = Document analytique du personnel, 3110-9195 ; 2026-50 "Last updated: October 16, 2026." Includes bibliographical references (pages 34-36). "We develop a news-based measure of perceived financial stress for Canada using more than 900,000 business and economic news articles from 1977 to 2026. Using a data-driven keyword discovery algorithm, we construct an interpretable News-based Stress Index (NSI) that tracks major stress episodes and captures periods when concerns about financial risks intensify despite limited market disruption. Using linear and quantile-augmented VARs, we show that news shocks orthogonal to financial shocks primarily reduce unsecured consumer credit by shifting its entire distribution, whereas market-based financial shocks primarily worsen downside risks to both credit and real activity. This highlights perceived financial stress as a distinct transmission channel operating through household precautionary behavior"--Abstract. Financial crises Press coverage Canada Econometric models. Business cycles Press coverage Canada Econometric models. Consumer confidence Canada Econometric models. Crises financières Couverture de presse Canada Modèles économétriques. Cycles économiques Couverture de presse Canada Modèles économétriques. Consommateurs Confiance Canada Modèles économétriques. Bank of Canada, issuing body. Staff analytical paper (Bank of Canada) 3110-9195 ; 2026-50. (CaOODSP)9.958938 PDF 6.83 MB https://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-8-2026-50-eng.pdf