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040 |aCaOODSP|beng|erda|cCaOODSP
043 |an-cn---
045 |ax7y2
0861 |aFB3-8/2026-50E-PDF
1001 |aBarnes, Brett, |eauthor.
24510|aStress in the press or stress in the market : |ba new measure of perceived financial stress / |cBrett Barnes, Thibaut Duprey, Fred Liu.
264 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2026.
264 4|c©2026
300 |a1 online resource (58 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff analytical paper = |aDocument analytique du personnel, |x3110-9195 ; |v2026-50
500 |a"Last updated: October 16, 2026."
504 |aIncludes bibliographical references (pages 34-36).
5203 |a"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.
650 0|aFinancial crises|xPress coverage|zCanada|xEconometric models.
650 0|aBusiness cycles|xPress coverage|zCanada|xEconometric models.
650 0|aConsumer confidence|zCanada|xEconometric models.
650 6|aCrises financières|xCouverture de presse|zCanada|xModèles économétriques.
650 6|aCycles économiques|xCouverture de presse|zCanada|xModèles économétriques.
650 6|aConsommateurs|xConfiance|zCanada|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff analytical paper (Bank of Canada)|x3110-9195 ; |v2026-50.|w(CaOODSP)9.958938
85640|qPDF|s6.83 MB|uhttps://publications.gc.ca/collections/collection_2026/banque-bank-canada/FB3-8-2026-50-eng.pdf