Magnetic susceptibility, exchange interactions and spin-wave spectra in the local spin density approximation

Starting from exact expression for the dynamical spin susceptibility in the time-dependent density functional theory a controversial issue about exchange interaction parameters and spin-wave excitation spectra of itinerant electron ferromagnets is reconsidered. It is shown that the original expressions for exchange integrals based on the magnetic force theorem (J. Phys. F14 L125 (1984)) are optimal for the calculations of the magnon spectrum whereas static response function is better described by the ``renormalized'' magnetic force theorem by P. Bruno (Phys. Rev. Lett. 90, 087205 (2003)). This conclusion is confirmed by the {\it ab initio} calculations for Fe and Ni.