In this paper inelastic electron tunneling spectroscopy measurements are pr
esented on tunnel junctions containing both magnetic and nonmagnetic electr
odes. Magnon excitations have been found near zero voltage; phonons are obs
erved between 30 and 110 mV. Therefore, a model description of the transpor
t properties of magnetic tunnel junctions at elevated temperatures or non-z
ero bias voltage should include both inelastic contributions. (C) 1999 Else
vier Science B.V. All rights reserved.