A dynamic theory of interaction between tunneling electrons and charge
fluctuations on the electrodes of a mesoscopic tunnel junction is dev
eloped and accounts for the renormalization of the tunneling potential
due to the interaction. It is shown that the magnitude of the potenti
al renormalization depends on the relation between the characteristic
frequency of the charge fluctuations and the traversal time of tunneli
ng tau(0). The modes with frequencies larger than tau(0)(-1) do not af
fect the tunneling potential.