14 More empirical work would be useful to disentangle the spending effects that result from changes in credit 10 / 12  BIS central bankers' speeches  conditions from those that result from movements in interest rates, as estimates of the latter likely often inadvertently incorporate the former.
Most empirical models of the overall economy do not explicitly control for the influence of noninterest credit factors on consumption and investment; as a result, estimated interest rate effects will partially reflect the influence of these factors to the extent these factors are correlated with interest rates. There are many reasons to suspect that this is the case.