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Recent progress in treating the dynamically screened nature of the Coulombinteraction in strongly correlated lattice models and materials is reviewedwith a focus on computational schemes based on the dynamical mean fieldapproximation. We discuss approximate and exact methods for the solution ofimpurity models with retarded interactions, and explain how these models appearas auxiliary problems in various extensions of the dynamical mean fieldformalism. The current state of the field is illustrated with results fromrecent applications of these schemes to U-V Hubbard models and correlatedmaterials.

Dynamical screening in correlated electron systems - from lattice models to realistic materials