We derive the fundamental noise properties of a parametric amplifier (paramp) which is driven by a monochromatic pump but which has many lossy signal and idler modes. We use a quantum-mechanical approach similar to that employed by Louisell and co-workers in their treatment of paramps and lasers with lossless modes. Our results are not directly deducible from the lossless mode analysis, but they do give the same limiting noise temperature as that analysis. This minimum noise temperature is the same as that of an ideal laser. In fact, we find that one can always design a laser whose field correlation functions would be the same as those of any given paramp. Many results for laser noise in various configurations can be carried over directly and applied to parametric amplifiers by using correspondence substitutions which we set down. For example, in analogy to Pound's description of the maser (in terms of a Nyquist theorem extended to negative temperatures), the calculation of paramp noise is found to be equivalent to applying Nyquist's theorem to both the active and passive elements in the (classically computed) equivalent circuit of a signal mode of interest. From this one obtains the spectra of effective noise generators which, when amplified in the circuit, duplicate the "quantum" as well as thermal noise that is present in the output. The Nyquist theorem is extended to apply to each active element by simply taking the element temperatures to be minus the real temperature of the corresponding idler mode (whose parametric coupling into the signal circuit gives rise to that element) multiplied by the ratio of the pump minus the idler to the idler frequencies.
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