Going by theory and empirics, the trade-off is essentially a short-term one, with monetary policy aiming to keep growth at close to its long-term, structural trend as possible. Contractionary policy will slow growth down only to the extent that the economy is growing beyond its capacity, provoking inflation.
It cannot, in terms of this framework, have any significant impact on the trend rate of growth. In fact, long-term growth can only be helped, not hurt, by low and stable inflation. However, much of the debate tends to view any slowdown in growth resulting from an anti-inflationary monetary stance as a long-term sacrifice, i.e., a downshift in trend.