Exact Solution of a Vertex Model with Unlimited Number of States Per Bond

The exact solution is obtained for the eigenvalues and eigenvectors of the row-to-row transfer matrix of a two-dimensional vertex model with unlimited number of states per bond. This model is a classical counterpart of a quantum spin chain with an unlimited value of spin. This quantum chain is studied using general predictions of conformal field theory. The long-distance behaviour of some ground-state correlation functions is derived from a finite-size analysis of the gapless excitations.