  The sliding columnar phase is a new liquid-crystalline phase of matter
composed of two-dimensional smectic lattices stacked one on top of the other.
This phase is characterized by strong orientational but weak positional
correlations between lattices in neighboring layers and a vanishing shear
modulus for sliding lattices relative to each other. A simplified elasticity
theory of the phase only allows intralayer fluctuations of the columns and has
three important elastic constants: the compression, rotation, and bending
moduli, $B$, $K_y$, and $K$. The rotationally invariant theory contains
anharmonic terms that lead to long wavelength renormalizations of the elastic
constants similar to the Grinstein-Pelcovits renormalization of the elastic
constants in smectic liquid crystals. We calculate these renormalizations at
the critical dimension $d=3$ and find that $K_y(q) \sim K^{1/2}(q) \sim
B^{-1/3}(q) \sim (\ln(1/q))^{1/4}$, where $q$ is a wavenumber. The behavior of
$B$, $K_y$, and $K$ in a model that includes fluctuations perpendicular to the
layers is identical to that of the simple model with rigid layers. We use
dimensional regularization rather than a hard-cutoff renormalization scheme
because ambiguities arise in the one-loop integrals with a finite cutoff.
