We propose a phenomenological model of boundary lubricated junctions c
onsisting of a few layers of small molecules which describes the rheol
ogical properties of these systems both in the static, frozen, and sli
ding, molten, states as well as the dynamical transition between them.
Two dynamical regimes can be distinguished, according to the level of
internal damping of the junction, which depends on its thickness and
on the normal load. In the overdamped regime, under driving at constan
t velocity v through an external spring, the motion evolves continuous
ly from ''atomic stick-slip'' to modulated sliding. Underdamped system
s exhibit, under given external stress, a range of dynamic bistability
where the sheared static state coexists with a steadily sliding one.
The frictional dynamics under shear driving is analyzed in detail, it
provides a complete account of the qualitative dynamical scenarios obs
erved by Israelashvili et al., and yields semiquantitative agreement w
ith experimental data. A few complementary experimental tests of the m
odel are suggested.