  We study the reduction in a lambda-calculus derived from Moggi's
computational one, that we call the computational core. The reduction relation
consists of rules obtained by orienting three monadic laws. Such laws, in
particular associativity and identity, introduce intricacies in the operational
analysis. We investigate the central notions of returning a value versus having
a normal form, and address the question of normalizing strategies. Our analysis
relies on factorization results.
