The exchange coupling between local moments in itinerant electron systems i
s investigated. A local stiffness constant D-1 associated with transverse l
ocal spin fluctuations is introduced and used to study the stability of the
ferromagnetic state. Results of model calculations show that the ferromagn
etic state is stable only in those ranges of parameters in which both D-1 a
nd the spin-wave stiffness D-sw are positive. (C) 1999 Elsevier Science B.V
. All rights reserved.