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We provide a theory for scanning tunneling microscopy and spectroscopy usinga spin-polarized tip. It it shown that the tunneling conductance can bepartitioned into three separate contributions, a background conductance whichis independent of the local spin, a dynamical conductance which is proportionalto the local spin moment, and a conductance which is proportional to the noisespectrum of the local spin interactions. The presented theory is applicable tosetups with magnetic tip and substrate in non-collinear arrangement, as well asfor non-magnetic situations. The partitioning of the tunneling current suggestsa possibility to extract the total spin moment of the local spin from thedynamical conductance. The dynamical conductance suggests a possibility togenerate very high frequency spin-dependent ac currents and/or voltages. Wealso propose a measurement of the dynamical conductance that can be used todetermine the character of the effective exchange interaction betweenindividual spins in clusters. The third contribution to the tunneling currentis associated with the spin-spin correlations induced by the exchangeinteraction between the local spin moment and the tunneling electrons. Wedemonstrate how this term can be used in the analysis of spin excitationsrecorded in conductance measurements. Finally, we propose to use spin-polarizedscanning tunneling microscopy for detailed studies of the spin excitationspectrum.

Theory of spin-polarized scanning tunneling microscopy applied to local spins