The article compares optimal policy rules before and during inflation targeting at the Bank of Canada. In the pre-inflation targeting era, policy focused equally on price, financial, and output stability. However, during inflation targeting, the main focus shifted to price stability, followed by financial and output stability. Exchange rate stability was not a significant factor in either era. When faced with inflationary shocks, a Taylor rule responded more quickly in reducing inflation rates, but led to higher sacrifice ratios and more volatile interest rates compared to the optimal policy rules derived for the inflation targeting period.