to an analysis of fiscal spillovers in the Eurozone, using the calibrated sectoral network structure from the World Input … Output Database (WIOD). In a version of the model with sticky wages, we find that fiscal spillovers from Germany and some … Eurozone production network is very important for the international spillovers. In the absence of international production …

zero in the aggregate across countries. We apply this decomposition to an analysis of fiscal spillovers in the Eurozone …, using the production network structure from the World Input Output Database (WIOD). We find that fiscal spillovers from … international production network linkages, spillovers would be only a third as large as predicted by the baseline model. Finally, we …