Two possible descriptions of evolution of a two-level atom driven by a stro
ng laser field and subjected to a squeezed vacuum with finite bandwidth are
discussed. One is the master equation approach in which the squeezed vacuu
m is treated as a Markovian reservoir to the atom, and the other is the cou
pled-systems (or cascaded-systems) approach in which the degenerate paramet
ric oscillator (DPO) producing squeezed vacuum is a part of the system. Exa
mples of optical spectra obtained using both approaches are given.