Such a policy is definitely not advisable: Apart from the costs associated with higher inflation, central bank credibility, established in past decades at great costs and now one of our most important assets, would be seriously or even critically damaged. The papers by Adam and Grill, as well as Uhlig, investigate the alternative, that is, disruptive means of reducing public debt: sovereign default.
It is easily overlooked that in advanced economies, sovereign default is usually a political decision rather than an economic necessity. Hence, understanding the reasons why governments decide to default on parts of their debt is crucial for developing strategies on how to avoid such situations in the first place.