Electronic Structure and Bulk Spin Valve Behavior in Ca₃Ru₂O₇

We report density functional calculations of the magnetic properties and Fermiology of Ca$_3$Ru$_2$O$_7$. The ground state consists of ferromagnetic bilayers, stacked antiferromagnetically. The bilayers are almost but not exactly half-metallic. In the ferromagnetic state opposite spin polarizations are found for in-plane and out-of-plane transport. Relatively high out of plane conductivity is found for the majority spin, which is relatively weakly conductive in-plane. In the ground state in-plane quantities are essentially the same, but the out of plane transport is strongly reduced.