{
  "title": "How to Calibrate Fiscal Rules: A Primer",
  "publication": "IMF How To Notes, March 15, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2018/03/15/how-to-calibrate-fiscal-rules-a-primer-45551",
  "canonical": "https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2018/03/15/how-to-calibrate-fiscal-rules-a-primer-45551",
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  "summary": "This note provides guidance on how to calibrate fiscal rules, that is, how to determine the thresholds (ceiling, floor, or target) for specific fiscal aggregates constrained by rules. The note focuses, more specifically, on the calibration of the debt, balance, and expenditure rules.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Provides guidance on how to calibrate fiscal rules, defined as determining the thresholds (ceiling, floor, or target) for specific fiscal aggregates constrained by rules.\n- Focuses on the calibration of the debt, balance, and expenditure rules.\n- Positions this note as one of two guidance notes on the design of fiscal rules; the companion note focuses on rule selection.\n- Emphasizes that rule selection and calibration are linked: if a fiscal framework had to be built from scratch, rules would need to be selected and calibrated at the same time."
    },
    {
      "heading": "Structure of the note",
      "content": "- Divided into four sections:\n  - Section 1: General principles used to calibrate rules.\n  - Section 2: International evidence on the numerical ceilings used in existing rules.\n  - Section 3: Guidance on the calibration of the debt ceiling.\n  - Section 4: Guidance on the calibration of operational rules (fiscal balance and expenditure rules)."
    },
    {
      "heading": "Key substantive focus areas",
      "content": "- Debt rules:\n  - Calibration guidance specific to setting a debt ceiling.\n- Operational rules:\n  - Calibration guidance for fiscal balance rules.\n  - Calibration guidance for expenditure rules.\n- International evidence:\n  - Reports numerical ceilings used in existing rules across countries (details in section 2 of the note)."
    },
    {
      "heading": "Authors, publication, and identifiers",
      "content": "- Authors: Luc Eyraud, Anja Baum, Andrew Hodge, Mariusz Jarmuzek, H. Elif Ture, Samba Mbaye, Young-Bae Kim\n- Date: March 15, 2018\n- Pages: 28\n- Volume: 2018\n- Issue: 002\n- Series: How-To Note No 2018/002\n- DOI: https://doi.org/10.5089/9781484337301.061\n- Stock No: FADHTNEA2018002\n- ISBN: 9781484337301\n- ISSN: 2522-7912"
    },
    {
      "heading": "Summary of guidance (from the note)",
      "content": "- Explains how to determine thresholds (ceiling, floor, or target) for fiscal aggregates constrained by rules.\n- Focuses specifically on calibration of debt, balance, and expenditure rules.\n- Presents general principles, international numerical evidence, and detailed guidance for debt ceilings and operational rules.\n\nSource: How to Calibrate Fiscal Rules: A Primer (IMF How To Notes, March 15, 2018).\n\n---\n\n Content in this bundle\n\n- Fiscal Policy: How to Calibrate Fiscal Rules, A Primer; How-to Note No. 8; March 2018\n  - Fiscal Policy: How to Calibrate Fiscal Rules, A Primer; How-to Note No. 8; March 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Fiscal Policy: How to Calibrate Fiscal Rules, A Primer; How-to Note No. 8; March 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2018/03/15/how-to-calibrate-fiscal-rules-a-primer-45551"
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    "Authors: Luc Eyraud, Anja Baum, Andrew Hodge, Mariusz Jarmuzek, H. Elif Ture, Samba Mbaye, Young-Bae Kim",
    "Published: March 15, 2018",
    "Series: IMF How To Notes",
    "DOI: https://doi.org/10.5089/9781484337301.061",
    "Provides guidance on how to calibrate fiscal rules, defined as determining the thresholds (ceiling, floor, or target) for specific fiscal aggregates constrained by rules.",
    "Focuses on the calibration of the debt, balance, and expenditure rules.",
    "Positions this note as one of two guidance notes on the design of fiscal rules; the companion note focuses on rule selection.",
    "Emphasizes that rule selection and calibration are linked: if a fiscal framework had to be built from scratch, rules would need to be selected and calibrated at the same time.",
    "Divided into four sections:",
    "Debt rules:",
    "Operational rules:",
    "International evidence:",
    "Authors: Luc Eyraud, Anja Baum, Andrew Hodge, Mariusz Jarmuzek, H. Elif Ture, Samba Mbaye, Young-Bae Kim",
    "Date: March 15, 2018",
    "Pages: 28",
    "Volume: 2018",
    "Issue: 002",
    "Series: How-To Note No 2018/002",
    "DOI: https://doi.org/10.5089/9781484337301.061",
    "Stock No: FADHTNEA2018002",
    "ISBN: 9781484337301",
    "ISSN: 2522-7912",
    "Explains how to determine thresholds (ceiling, floor, or target) for fiscal aggregates constrained by rules.",
    "Focuses specifically on calibration of debt, balance, and expenditure rules.",
    "Presents general principles, international numerical evidence, and detailed guidance for debt ceilings and operational rules.",
    "**Fiscal Policy: How to Calibrate Fiscal Rules, A Primer; How-to Note No. 8; March 2018**"
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