I-V characteristics of realistic MIM junctions were calculated assumin
g a two step indirect tunneling as the major mechanism. Electron-phono
n broadening of the energy level of the intermediate defect states is
taken into account. The theory is compared with our experimental inves
tigations of Pd-MgO-Pd junctions and good quantitative agreement is ac
hieved. The intermediate states are provided by the F-centers of the M
gO vacancies. A consistency between the experimental data and the theo
ry is obtained for the values of the physical parameters known from in
dependent studies on MgO.