Abstract
A review is given on the theory of “Finite Fermi Systems” and its application to nuclei in the Pb-region. Using the functional derivation method the basic equations are derived and renormalized using the Landau prescription. The parametrization of the effective interaction and of the effective operators is discussed as well as the determination of the parameters from experiment. It is shown that there exist restrictions imposed from conservation laws and consistency relations. Extensions of the original theory of Migdal are also presented. We discuss in detail the calculation of electric and magnetic moments and transition probabilities and the application of this theory to giant electric and magnetic multipole resonances.
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