In supersymmetric theories, one can obtain striking results and insigh
ts by exploiting the fact that the superpotential and the gauge coupli
ng function are holomorphic functions of the model parameters. The pre
cise meaning of this holomorphy is subtle, and has been explained most
clearly by Shifman and Vainshtein, who have stressed the role of the
Wilsonian effective action. In this article, we elaborate on the Shifm
an-Vainshtein program, applying it to examples in grand unification, s
upersymmetric QCD, and string theory. We stress that among the ''model
parameters'' are the cutoffs used to define the Wilsonian action itse
lf, and that generically these must be defined in a field-dependent ma
nner to obtain holomorphic results.