Abstract
A theory of the hole and spin dynamics in cuprates, which takes into account an intercorrelation between localized on Cu spins and itinerant quasiparticles related with doped holes within the CuO 2 layer, is developed. The calculated dynamic magnetic susceptibility and the single-hole spectral-weight function are compared with inelastic neutron scattering and photoemission experiments for YBaCuO.
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