We develop a new real-time renormalization group (RG) method to describe no
nequilibrium properties of discrete quantum systems coupled linearly to an
environment. Energy broadening and dissipation are included and no energy-c
utoffs are needed. We apply the formalism to the mixed valence and empty-or
bital regime of the nonequilibrium Anderson impurity model. (C) 2000 Elsevi
er Science B.V. All rights reserved.