A theory of the photorefractive phase-conjugate oscillator (PCO) is developed. A PCO consists of an optical resonator made up of two planar mirrors (a Fabry-P\'erot cavity) containing an intracavity photorefractive phase-conjugate element that is pumped externally by a pair of off-axis counterpropagating laser beams of the same frequency. The two pumps are assumed to be parallel polarized. Phase conjugation of an input beam of slightly higher or lower frequency occurs because of nondegenerate isotropic four-wave mixing. The conjugation process generates a beam of slightly lower or higher frequency so that six waves coexist in the resonator. In the absence of the mirrors, the PCO simply reduces to a photorefractive phase-conjugate mirror (PCM), and in the absence of one of the mirrors, it reduces to a photorefractive phase-conjugate resonator (PCR). Degenerate and nondegenerate self-oscillations are shown to occur for several different cases of practical importance, and the threshold conditions for these cases are derived analytically under the assumption of the undepleted pumps. It is shown that the PCM can exhibit nondegnerate self-oscillations for \ensuremath{\varphi}=\ensuremath{\pi}/2, where \ensuremath{\varphi} is the phase shift between the gratings and the light interference patterns when the gratings are stationary. The coupling coefficient required for degenerate self-oscillation in the PCR is found to be one-half of that for the PCM if the mirror is perfectly reflecting and if the pump beams have equal powers (r=1). It is also shown that one cannot have degenerate self-oscillation in PCO for r=1 and \ensuremath{\varphi}=\ensuremath{\pi}/2, and nondegenerate self-oscillation for r=1 and \ensuremath{\varphi}=0. The self-oscillation conditions for the PCO do not depend upon the position of the photorefractive crystal inside the cavity.
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