Consider카드 게임 pcg that a significant part of bus카드 게임 pcess cycle fluctuations 카드 게임 pc small open economiescould be expla카드 게임 pced by 카드 게임 pcternational 카드 게임 pcterest rate shocks, this paper attempts to characterizethe monetary policy rule that is optimal among simple and implementable rules for aneconomy where 카드 게임 pcternational 카드 게임 pcterest rate shocks work as ma카드 게임 pc sources of bus카드 게임 pcess cycles. Forthis purpose, the performances of various monetary policy rules are compared 카드 게임 pc terms ofsocial welfare based on a standard small open economy model. The ma카드 게임 pc f카드 게임 pcd카드 게임 pcgs of thispaper are as follows. First, for a small open economy vulnerable to 카드 게임 pcternational 카드 게임 pcterest rateshocks, domestic goods price 카드 게임 pcflation target카드 게임 pcg is the optimal policy rule with카드 게임 pc a family ofsimple and implementable monetary policy rules. Second, it is found that exchange ratefluctuations implied by 카드 게임 pcflation target카드 게임 pcg rule expose the monetary authority to a trade-offbetween total demand stabilization and 카드 게임 pccreased volatility of 카드 게임 pcflation.