Multiscale theory of turbulence in wavelet representation
  We present a multiscale description of hydrodynamic turbulence in incompressible fluid based on a continuous wavelet transform (CWT) and a stochastic hydrodynamics formalism. Defining the stirring random force by the correlation function of its wavelet components, we achieve the cancellation of loop divergences in the stochastic perturbation expansion. An extra contribution to the energy transfer from large to smaller scales is considered. It is shown that the Kolmogorov hypotheses are naturally reformulated in multiscale formalism. The multiscale perturbation theory and statistical closures based on the wavelet decomposition are constructed. 
M.V.Altaisky