The \delta N formula is the dynamical renormalization group
  We derive the 'separate universe' method for the inflationary bispectrum,
beginning directly from a field-theory calculation. We work to tree-level in
quantum effects but to all orders in the slow-roll expansion, with masses
accommodated perturbatively. Our method provides a systematic basis to account
for novel sources of time-dependence in inflationary correlation functions, and
has immediate applications. First, we use our result to obtain the correct
matching prescription between the 'quantum' and 'classical' parts of the
separate universe computation. Second, we elaborate on the application of this
method in situations where its validity is not clear. As a by-product of our
calculation we give the leading slow-roll corrections to the three-point
function of field fluctuations on spatially flat hypersurfaces in a canonical,
multiple-field model.
