Abstract
A dynamic theory of interaction between tunneling electrons and charge fluctuations on the electrodes of a mesoscopic tunnel junction is developed and accounts for the renormalization of the tunneling potential due to the interaction. It is shown that the magnitude of the potential renormalization depends on the relation between the characteristic frequency of the charge fluctuations and the traversal time of tunneling τ0. The modes with frequencies larger than τ01 do not affect the tunneling potential.