diff --git a/CHANGELOG.md b/CHANGELOG.md
index cf59c66..9276c9a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,9 +6,19 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
 
+## [0.0.3] - 2024-08-07 12:00:00
+
+### Added
+
+- Updates the baseline calibration in `ogidn_default_parameters.json` and the example run script `run_og_idn.py`.
+
+
 ## [0.0.0] - 2024-06-20 12:00:00
 
 ### Added
 
 - This version is a pre-release alpha. The example run script OG-IDN/examples/run_og_idn.py runs, but the model is not currently calibrated to represent the Indonesian economy and population.
 
+
+
+[0.0.3]: https://github.com/EAPD-DRB/OG-IDN/compare/v0.0.0...v0.0.3
diff --git a/examples/run_og_idn.py b/examples/run_og_idn.py
index 41cc3b4..5aab155 100644
--- a/examples/run_og_idn.py
+++ b/examples/run_og_idn.py
@@ -73,9 +73,9 @@ def main():
     p2.baseline = False
     p2.output_base = reform_dir
 
-    # Parameter change for the reform run
+    # Parameter change for the reform run: corporate income tax rate cut
     updated_params_ref = {
-        "cit_rate": [[0.30]],
+        "cit_rate": [[0.20]],
     }
     p2.update_specifications(updated_params_ref)
 
diff --git a/ogidn/__init__.py b/ogidn/__init__.py
index 002c52e..43abbe2 100644
--- a/ogidn/__init__.py
+++ b/ogidn/__init__.py
@@ -8,4 +8,4 @@
 from ogidn.macro_params import *
 from ogidn.utils import *
 
-__version__ = "0.0.2"
+__version__ = "0.0.3"
diff --git a/ogidn/ogidn_default_parameters.json b/ogidn/ogidn_default_parameters.json
index 9ce9516..0571c0e 100644
--- a/ogidn/ogidn_default_parameters.json
+++ b/ogidn/ogidn_default_parameters.json
@@ -797,7 +797,7 @@
         0.0003
     ],
     "rho_G": 0.1,
-    "debt_ratio_ss": 1.2,
+    "debt_ratio_ss": 0.5,
     "initial_debt_ratio": 0.387,
     "initial_Kg_ratio": 0.2,
     "r_gov_scale": [
@@ -813,7 +813,7 @@
     ],
     "c_corp_share_of_assets": 0.7,
     "adjustment_factor_for_cit_receipts": [
-        0.3
+        0.2
     ],
     "inv_tax_credit": [
         [
@@ -822,7 +822,7 @@
     ],
     "tau_c": [
         [
-            0.11
+            0.10
         ]
     ],
     "delta_tau_annual": [
@@ -101426,21 +101426,21 @@
     "etr_params": [
         [
             [
-                0.18
+                0.119
             ]
         ]
     ],
     "mtrx_params": [
         [
             [
-                0.2
+                0.15
             ]
         ]
     ],
     "mtry_params": [
         [
             [
-                0.2
+                0.15
             ]
         ]
     ],
diff --git a/setup.py b/setup.py
index 9feba8f..9dfdb3e 100644
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@
 
 setuptools.setup(
     name="ogidn",
-    version="0.0.2",
+    version="0.0.3",
     author="Marcelo LaFleur, Richard W. Evans, and Jason DeBacker",
     license="CC0 1.0 Universal (CC0 1.0) Public Domain Dedication",
     description="Indonesia (IDN) Calibration for OG-Core",