A simple analytical model is suggested in which the oscillatory exchan
ge coupling between ferromagnetic layers of a transition metal separat
ed by a non-magnetic metallic spacer is a consequence of the elementar
y wave mechanics of electrons in the presence of spin-polarizing bound
aries. Under these conditions an oscillatory spin polarization is deve
loped in the spacer. The energy of the system is calculated as a funct
ion of two variables: the thickness of the spacer and the angle betwee
n spin polarizations of the ferromagnets. It is shown that in the abse
nce of the magnetic field the energy at any thickness is minimized by
either parallel or antiparallel spin polarizations of the ferromagnets
.