A generalized RPA formalism is presented which treats pp and ph correl
ations on an equal footing. The effect of these correlations on the si
ngle-particle Green function is discussed and it is demonstrated that
a self-consistent treatment of the single-particle Green function is r
equired to obtain stable solutions. A simple approximation scheme is p
resented which incorporates for this self-consistency requirement and
conserves the number of particles. Results of numerical calculations a
re given for O-16 using a G-matrix interaction derived from a realisti
c one-boson-exchange potential.