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This paper evaluates the consequences of a central bank stabilizing alternative measures of inflation in a model with several exchange rate channels of transmission for the monetary policy. The real exchange rate affects the equilibrium conditions and the utility-based welfare objective places higher weight on output gap stabilization. There is an endogenous stabilization trade-off and policy rules derived from private agents’ optimizing behavior perform better than alternative monetary policy arrangements. The optimal policy is PPI inflation target, under which the exchange rate follows a controlled floating. Contrary to central bank practices, CPI target should be considered only by highly open economies.