Posterior distribution of nondifferentiable functions☆
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We would like to thank Gary Chamberlain, Tim Cogley, Han Hong, Hiroaki Kaido, Oliver Linton, Ulrich Müller, Mikkel Plagborg-Möller, Andres Santos, Quang Vuong, and three anonymous referees for detailed comments and suggestions on an earlier draft of this paper. We would also like to thank Ruby Steedle for excellent research assistance. All errors remain our own. Financial support from the ESRC through the ESRC Centre for Microdata Methods and Practice (CeMMAP) (Grant Number RES-589-28-0001) and from the ERC through the ERC starting grant (Grant Number EPP-715940) is gratefully acknowledged. Velez thanks the Macro Modeling Division, Central Reserve Bank of Peru, where part of this work was written. First version: July 25th, 2016. This draft: October 31st, 2019.