Another name for this circuit, especially in analog video circuits, is "DC Restorer", which is a misnomer. It is used in AC-coupled signal chains to get the "black" level in a waveform that is known to be unipolar (i.e., positive or negative-definite). A better method for video purposes is to use a FET switch ("keyed clamp") that is turned on at a specific interval ("back porch") of the waveform, instead of the diode.