This paper formulates a general analytic approach to the theory of microwave generation in magnetic nano-structures driven by spin-polarized current and reviews analytic results obtained in this theory. The proposed approach is based on the universal model of an auto-oscillator with negative damping and nonlinear frequency shift. It is demonstrated that this universal model, when applied to the case of a spin-torque oscillator (STO) based on a current-driven magnetic nano-pillar or nano-contact, gives adequate description of most of the experimentally observed properties of STO. In particular, the model describes the power and frequency of the generated microwave signal as functions of the bias current and magnetic field, predicts the magnitude and properties of the generation linewidth, and explains the STO behavior under the influence of periodic and stochastic external signals: frequency modulation, phase-locking to external signals, mutual phase-locking in an array of STO, broadening of the generation linewidth near the generation threshold, etc. The proposed nonlinear auto-oscillator theory is rather general and can be used not only for the development of practical nano-sized STO, but, also, for the description of nonlinear auto-oscillating systems of any physical nature.
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