Dynamical Franz-Keldysh effect

We introduce and analyze the properties of dynamical Franz-Keldysh effect, i.e. the change of density-of-states, or absorption spectra, of semiconductors under the influence of {\it time-dependent} electric fields. In the case of a harmonic time-dependence, we predict the occurence of significant fine structure, both below and above the zero-field band-gap, which should be experimentally observable.