Re-Normalize, Don't New-Normalize Monetary Policy

In this paper I argue that central banks should re-normalize monetary policy, including the de facto independence of policy, rather than new-normalize policy to some so called new normal. I explain his view and show that it follows from a review of the actual practice of monetary policy in recent years. I also consider some objections that might be raised to this position. I focus mainly on the United States and go back to the time before the recent financial crisis.