Its quality was attested to by Mervyn King, who went over to Palle at the end of one meeting to say, “I am really impressed by how much insight you can compress into only six pages”. That was quite a compliment from a man who is known to be both very smart and very demanding.
And perhaps even more astonishing, Palle produced more than 80 such papers, over more than a decade, and I cannot recall one case where a Governor found a factual error. Finally, and this ties back into my earlier comments about Palle’s research findings, he was never dogmatic in his policy analysis.