The electronic structure of CrO2 is critically discussed in terms of the re
lation of existing experimental data and well converged local-spin-density
approximation (LSDA) and generalized gradient approximation (GGA) calculati
ons of the electronic structure and transport properties of this half metal
magnet, with a particular emphasis on optical properties. We find only mod
erate manifestations of many-body effects. Renormalization of the density o
f states is not large and is in the typical range for transition metals. We
find substantial deviations from Drude behavior in the far-infrared optica
l conductivity. These appear because of the unusually low energy of interba
nd optical transitions. The calculated mass renormalization is found to be
rather sensitive to the exchange-correlation functional used and varies fro
m 10% (LSDA) to 90% (GGA), using the latest specific-heat data. We also fin
d that dressing of the electrons by spin fluctuations, because of their hig
h energy, renormalizes the interband optical transition at as high as 4 eV
by about 20%. Although we find no clear indications of strong correlations
of the Hubbard type, strong electron-magnon scattering related to the half
metallic band structure is present and this leads to a nontrivial temperatu
re dependence of the resistivity and some renormalization of the electron s
pectra. [S0163-1829(99)04301-5].