CFS Promotes STATA Program for Using Survey of Consumer Finances Data

More than a decade ago, a graduate student at the University of Wisconsin in economics wrote a computer program in STATA (www.stata.com) to provide unbiased, weighted estimates with corrected standard errors for analysis conducted using the Federal Reserve Board’s Survey of Consumer Finances (SCF). In 2015, a Center for Financial Security affiliate (and current Federal Reserve Board researcher) partnered with the CFS to develop a single STATA program file (or “ado file”) to estimate corrected statistics, which the Federal Reserve’s own researchers could test against their own programs that compute corrected statistics. The resulting program, based on the code written years ago and updated by a current graduate assistant in sociology, is called SCFCOMBO. This program calculates and combines corrected estimates for imputation uncertainty and provides bootstrapped standard errors for a range of estimation commands. This brief explains the significance of this program and provides resources to access information on the STATA commands.

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