It is shown that in a layered medium consisting of a magnetic metal (C
o) and a nonmagnetic insulator (TiO2), the layer thickness being less
than the wavelength of the light, a fundamental change occurs in the c
haracter of the Faraday-effect spectra if the number of layers is suff
iciently large. When the number of pairs of layers changes from 5 to 1
0, a maximum appears near similar to 1.7 eV in the Faraday rotation sp
ectrum and the ellipticity passes through zero. The results obtained a
re compared with the existing theory of the Faraday effect in granular
structures consisting of a magnetic metal and nonmagnetic insulator.
The surface plasmon energy in thin Co layers is estimated. (C) 1997 Am
erican Institute of Physics.