Which series are Hilbert series of graded modules over polynomial rings?

Let $S$ be a multigraded polynomial ring such that the degree of each variable is a unit vector; so $S$ is the homogeneous coordinate ring of a product of projective spaces. In this setting, we characterize the formal Laurent series which arise as Hilbert series of finitely generated $S$-modules. Also we provide necessary conditions for a formal Laurent series to be the Hilbert series of a finitely generated module with a given depth. In the bigraded case (corresponding to the product of two projective spaces), we completely classify the Hilbert series of finitely generated modules of positive depth.