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A two-component two-dimensional (2D) dipolar bosonic system in the bilayergeometry is considered. By performing quantum Monte Carlo simulations in a widerange of layer spacings we analyze in detail the pair correlation functions,the static response function, the kinetic and interaction energies. By reducingthe layer spacing we observe a transition from weakly to strongly bound dimerstates. The transition is accompanied by the onset of short-range correlations,suppression of the superfluid response, and rotonization of the excitationspectrum. A dispersion law and a dynamic structure factor for the {\emin-phase} (symmetric) and {\em out-of-phase} (antisymmetric) collective modes,during the dimerization, is studied in detail with the stochasticreconstruction method and the method of moments. The antisymmetric modespectrum is most strongly influenced by suppression of the inlayersuperfluidity (specified by the superfluid fraction $\gamma_s=\rho_s/\rho$). Ina pure superfluid/normal phase only an acoustic/optical(gapped) mode isrecovered. In a partially superfluid phase, both are present simultaneously,and the dispersion splits into two branches corresponding to a normal and asuperfluid component. The spectral weight of the acoustic mode scales linearlywith $\gamma_s$. This weight transfers to the optical branch when $\gamma_s$ isreduced due to formation of dimer states. In summary, we demonstrate how theinterlayer dimerization in dipolar bilayers can be uniquely identified bystatic and dynamic properties.

Correlation effects and collective excitations in bosonic bilayers: role of quantum statistics, superfluidity and dimerization transition