It's a highly hypothetical question, isn't it?
To me, the sorts of policies that have been put in place around the world post-COVID all look to people as if they would be inflationary, but what they are doing is counteracting an enormous deflationary force to keep us roughly where we should be.
When things normalize, one would need to transition to a more normalized set of policies across a wide front, and that, of course, is a matter of judgment when that actually takes place. Given that central banks, virtually every one that I know about, are pursuing inflation targets, then you'd expect them to continue to pursue those inflation targets.
To me, it's almost too hypothetical. If you're asking the question what happens to government debt when inflation goes up, indebtedness goes down. The economy, as it's measured in terms of national income.... Today, let's say it goes up, if things settle to normal and we're growing at, let's say, 2% per year real and 2% inflation, that would be 4% nominal growth.