  We review the assumptions on which the Monte Carlo renormalization technique
is based, in particular the analyticity of the block spin transformations. On
this basis, we select an optimized Kadanoff blocking rule in combination with
the simulation of a d=3 Ising model with reduced corrections to scaling. This
is achieved by including interactions with second and third neighbors. As a
consequence of the improved analyticity properties, this Monte Carlo
renormalization method yields a fast convergence and a high accuracy. The
results for the critical exponents are y_H=2.481(1) and y_T=1.585(3).
