Low Voltage I-V Characteristics in Magnetic Tunnel Junctions

We show that elastic currents that take into account variations of the tunnel transmitivity with voltage and a large ratio of majority to minority spin densities of states of the $s$ band, can account for the low voltage current anomalies observed in magnet-oxide-magnet junctions. The anomalies can be positive, negative or have a mixed form, depending of the position of the Fermi level in the $s$ band, in agreement with observations. Magnon contribution is negligible small to account for the sharp drop of the magnetoresistance with the voltage bias.