Operator cutoff regularization based on the original Schwinger's proper-time
formalism is examined. By constructing a regulating smearing function for the
proper-time integration, we show how this regularization scheme simulates the
usual momentum cutoff prescription yet preserves gauge symmetry even in the
presence of the cutoff scales. Similarity between the operator cutoff
regularization and the method of higher (covariant) derivatives is also
observed. The invariant nature of the operator cutoff regularization makes it a
promising tool for exploring the renormalization group flow of gauge theories
in the spirit of Wilson-Kadanoff blocking transformation.Comment: 28 pages in plain TeX, no figures. revised and expande