The article compares different monetary policies in a small open economy facing internal and external shocks. By analyzing the volatility of key economic variables under various rules, the study determines that targeting overall consumer prices is the best policy for stability when exchange rate pass-through is low. This means that in a low pass-through environment, focusing on overall prices can help stabilize the economy in the face of shocks without causing instability in prices. This finding suggests that the degree of exchange rate pass-through is crucial in assessing the effectiveness of monetary rules in small open economies.