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We compare the dynamical mean-field descriptions of the single-band Hubbardmodel and the three-band Emery model at the one- and two-particle level forparameters relevant to high-Tc superconductors. We show that even withindynamical mean-field theory, accounting solely for temporal fluctuations, theintrinsic multi-orbital nature of the Emery model introduces effectivenon-local correlations. These lead to a non-Curie-like temperature-dependenceof the magnetic susceptibility, also seen in nuclear magnetic resonanceexperiments in the pseudogap regime by M. Avramovska, et al. [Journal ofSuperconductivity and Novel Magnetism 33, 2621 (2020)]. We demonstrate theagreement of our results with these experiments for a large range of dopingsand trace back the effective non-local correlations to an emergingoxygen-copper singlet by analyzing a minimal finite-size cluster model. Despitethis correct description of the hallmark of the pseudogap at the two-particlelevel, i.e., the drop in the Knight shift of nuclear magnetic resonance,dynamical mean-field theory fails to properly describe the spectral propertiesof the pseudogap.

Single- and two-particle observables in the Emery model: a dynamical mean-field perspective