  We study theoretically the ac Josephson effect in voltage biased planar
junctions of d-wave superconductors. For some orientations of the
superconductors a current peak is found at finite voltage in the
current-voltage characteristics. We pick out the relevant physical processes
and write down an analytical formula for the current which clearly shows how
the midgap state acts as a resonance and produces the peak. We present a
possible explanation for the zero-bias conductance peak, recently found in
experiments on grain boundary junctions of high-temperature superconductors, in
terms of resonant transmission through midgap state of quasiparticles
undergoing multiple Andreev reflections. We note that within our framework the
zero-bias conductance peak appears in rather transparent Josephson junctions of
d-wave superconductors.
