The production carries over but doesn't stack(like the science overflow). GE bulbs never give more hammers than are needed to complete the building/wonder/unit in the build queue.
There's a wee exploit that is best done when you have Collective rule unlocked and your base hammers are more than what it would cost to build a settler. 1 turn before you finish a tech that gives a wonder build a settler and max out your production(you can't starve when building settlers, only stagnate). Next turn start building the wonder, the turn after that you will see you have some production overflow in there. You get more overflow if you have a forge in your city, and are in a golden age. I don't know if overflow is multiplied by new or existing modifiers(building a unit then a wonder as Egypt for instance), there was some talk it used to be but was patched out.