AC Josephson effect without superconductivity

Superconductivity derives its most salient features from the coherence of its macroscopic wave function. The associated physical phenomena have now moved from exotic subjects to fundamental building blocks for quantum circuits such as qubits or single photonic modes. Here, we theoretically find that the AC Josephson effect---which transforms a DC voltage $V_b$ into an oscillating signal $cos(2eV_b t/ \hbar)$---has a mesoscopic counterpart in normal conductors. We show that on applying a DC voltage $V_b$ to an electronic interferometer, there exists a universal transient regime where the current oscillates at frequency $eV_b/h$. This effect is not limited by a superconducting gap and could, in principle, be used to produce tunable AC signals in the elusive $0.1-10$ THz "terahertz gap".