Of course, we may not be prepared to write down a specific loss function and say, "There, that's what I'm minimizing." But our deliberative processes and our actions seem broadly consistent with that characterization of the general problem.
This statement is true whether our institutions have a specific mandate to keep inflation low and stable and output close to potential, as in the United States, or whether our mandate is defined primarily in terms of stabilizing inflation, as in the euro area. Stabilizing output complements maintaining price stability in the medium to long run, and often in the short run as well.