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The three-band model relevant to high temperature copper-oxidesuperconductors is solved using single-site dynamical mean field theory and atight-binding parametrization of the copper and oxygen bands. For a bandfilling of one hole per unit cell the metal/charge-transfer-insulator phasediagram is determined. The electron spectral function, optical conductivity andquasiparticle mass enhancement are computed as functions of electron and holedoping for parameters such that the corresponding to the paramagnetic metal andcharge-transfer insulator sides of the one hole per cell phase diagram. Theoptical conductivity is computed using the Peierls phase approximation for theoptical matrix elements. The calculation includes the physics of "Zhang-Ricesinglets". The effects of antiferromagnetism on the magnitude of the gap andthe relation between correlation strength and doping-induced changes in statedensity are determined. Three band and one band models are compared. The twomodels are found to yield quantitatively consistent results for all energiesless than about 4eV, including energies in the vicinity of the charge-transfergap. Parameters on the insulating side of the metal/charge-transfer insulatorphase boundary lead to gaps which are too large and near-gap conductivitieswhich are too small relative to data. The results place the cuprates clearly inthe intermediate correlation regime, on the paramagnetic metal side of themetal/charge-transfer insulator phase boundary.

Correlation Strength, Gaps and Particle-Hole Asymmetry in High-Tc Cuprates: a Dynamical Mean Field Study of the Three-Band Copper-Oxide Model