networks. In contrast to standard results suggesting that production network linkages are unimportant for the aggregate … response to macro shocks in a closed economy, we show that network structures may place a central role in the international … to an analysis of fiscal spillovers in the Eurozone, using the calibrated sectoral network structure from the World Input …

, 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 …