The study looked at different ways to control money in a small open economy with imperfect pass-through. They found that targeting the price level works well and is a good way to manage money in this type of economy. This method helps keep prices stable and is better than just focusing on inflation. The exchange rate plays a big role in how money policies work, especially when it comes to imported goods. So, in a small open economy, it's better to target the price level than just inflation.