  The properties of strongly gravitating systems suggest that field theory
overcounts the states of a system. Reducing the number of degrees of freedom,
without abandoning the notion of effective field theory, may be achieved
through a connection between the ultraviolet and infrared cutoffs. We provide
an implementation of this idea within the Wilsonian approach to the
renormalization group. We derive an exact flow equation that describes the
evolution of the effective action. We discuss the implications for the
existence of infrared fixed points and the running of couplings. We also give
an alternative derivation in the context of the perturbative renormalization
group.

High Energy Physics - Theory