I have a bottle with coins in it that I either shake or drop to the ground when she is doing something wrong. She usually gets startled enough to stop running around.
Lately, she is getting used to my tones of voice, so I'll yell out slowly "Hey, what are you doing?", and she comes running over to me. Or I'll kind of grunt loudly which means to stay away from a particular area she is going to. We are finally getting used to eachother, and she is understanding more. I have never used time outs...I just use the same scolding tone of voice, not too loud but loud enough to get my point across, and then what is done is done. She hasn't done anything too serious either.
I think you not chasing her is a good thing, but scold her kind of...it's all about tone of voice...for me anyways, and it works with my other two dogs too.
Hope this helps...
~Elegant