Conformal Factor Dynamics in the 1/N Expansion
  We suggest to consider conformal factor dynamics as applying to composite boundstates, in frames of the $1/N$ expansion. In this way, a new model of effective theory for quantum gravity is obtained. The renormalization group (RG) analysis of this model provides a framework to solve the cosmological constant problem, since the value of this constant turns out to be suppressed, as a result of the RG contributions. The effective potential for the conformal factor is found too. 
E. Elizalde and S.D. Odintsov