Theory of spin and charge fluctuations in the Hubbard model

A self-consistent theory of both spin and charge fluctuations in the Hubbard model is presented. It is in quantitative agreement with Monte Carlo data at least up to intermediate coupling $(U\sim 8t)$. It includes both short-wavelength quantum renormalization effects, and long-wavelength thermal fluctuations which can destroy long-range order in two dimensions. This last effect leads to a small energy scale, as often observed in high temperature superconductors. The theory is conserving, satisfies the Pauli principle and includes three-particle correlations necessary to account for the incipient Mott transition.