I will discuss consistent reductions of pure AdS gravity in 3D and 5D to 2D and use them to derive effective actions for the near conformal quantum mechanics dual to the near extremal BTZ and Kerr-AdS5 black holes, respectively. The role of AdS2 gauge fields and their boundary conditions will be discussed in detail.

In the supergravity approximation of the AdS/CFT correspondence correlation fucntions of the strongly coupled gauge theory can be computed by evaluating the on-shell supergravity action with arbitrary Dirichlet boundary conditions for the various fields. It is well known, however, that the on-shell action on the conformal boundary of AdS diverges due to the infinite volume of the bulk. Holographic Renormalization is a method for systematically constructing covariant counter terms which remove the divergences of the on-shell supergravity action for any asymptotically AdS space and it provides an algorithm for calculating renormalized correlation functions of the strongly coupled gauge theory. I will review the main steps involved in this algorithm and present a recently developed Hamiltonian version of the method where the AdS radius plays the role of time in the Hamiltonian formalism. I will then apply this method to calculate correlation functions in the field theory duals of various Poincare and AdS-sliced domain wall solutions of five dimensional gauged supergravity, including the recently discovered Janus background.