Measurement of auxiliary indicators of aggregate interest rates on loans to non-financial corporations

This paper proposes an improved methodology for measuring weighted average interest rates on loans to non-financial corporations in Russia. Recognising that current aggregates – focused on newly issued fixed-rate loans to non-affiliated borrowers – omit key market developments, the study segments loans by rate type (fixed vs. floating) and timing of rate-setting relative to disbursement. Using granular bank-level data, we show these refinements can shift rate estimates by up to 2–3 percentage points. Incorporating these indicators into macroeconomic models highlights potential underestimation of monetary policy transmission effects. The findings emphasize the analytical value of richer loan rate aggregates for policy and research.