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Home / SNB News / WP – 2023-11-30 – Marie-Catherine Bieri: Assessing economic sentiment with newspaper text indices: evidence from Switzerland

WP – 2023-11-30 – Marie-Catherine Bieri: Assessing economic sentiment with newspaper text indices: evidence from Switzerland

Summary:
In this study, the signals of more than 530,000 news articles from 15 large Swiss newspapers are extracted to measure the economic sentiment in Switzerland. Economic sentiment includes consumer sentiment and sentiment about businesses as well. The research period for the text sentiment analysis ranges from 2016 until 2022 and, thus, the impact of the COVID-19 lockdown period is included in this analysis. I contribute two new indices: one concerns the measure of news sentiment in the German-speaking part of Switzerland, and the other concerns the measure of news sentiment in the French-speaking part of Switzerland. The two indices show strong comovement; however, the sentiment in these two language regions is not identical. The indices are available and updatable in real

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In this study, the signals of more than 530,000 news articles from 15 large Swiss newspapers are extracted to measure the economic sentiment in Switzerland. Economic sentiment includes consumer sentiment and sentiment about businesses as well. The research period for the text sentiment analysis ranges from 2016 until 2022 and, thus, the impact of the COVID-19 lockdown period is included in this analysis. I contribute two new indices: one concerns the measure of news sentiment in the German-speaking part of Switzerland, and the other concerns the measure of news sentiment in the French-speaking part of Switzerland. The two indices show strong comovement; however, the sentiment in these two language regions is not identical. The indices are available and updatable in real time. The news articles, in contrast to macroeconomic variables such as GDP estimates, are not revised, making these text-based indices an interesting source of information for economic forecasters, especially in times of market turmoil.

Swiss National Bank
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

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