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Spillover of economic outcomes often arises over multiple networks, anddistinguishing their separate roles is important in empirical research. Forexample, the direction of spillover between two groups (such as banks andindustrial sectors linked in a bipartite graph) has important economicimplications, and a researcher may want to learn which direction is supportedin the data. For this, we need to have an empirical methodology that allows forboth directions of spillover simultaneously. In this paper, we develop adynamic linear panel model and asymptotic inference with large $n$ and small$T$, where both directions of spillover are accommodated through multiplenetworks. Using the methodology developed here, we perform an empirical studyof spillovers between bank weakness and zombie-firm congestion in industrialsectors, using firm-bank matched data from Spain between 2005 and 2012.Overall, we find that there is positive spillover in both directions betweenbanks and sectors.

Estimating Dynamic Spillover Effects along Multiple Networks in a Linear Panel Model