Yes, it makes a lot of sense. This paper studies how to design simple loss functions forcentral banks, as parsimonious approximations to social welfare. We show, both analytically andquantitatively, that simple loss functions should feature a high weight on measures of economicactivity, sometimes even larger than the weight on inflation. Two main factors drive our result.First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, theestimated model features mitigated inflation distortions due to a low elasticity of substitutionbetween monopolistic goods and a low interest rate sensitivity of demand. The result holdsup in the presence of measurement errors, with large shocks that generate a trade-off betweenstabilizing inflation and resource utilization, and also when ensuring a low probability of hittingthe zero lower bound on interest rates.