We report density-functional studies of several small molecules (H-2, N-2,
CO, H2O, and CH4) within the Krieger-Li-Iafrate (KLI) approximation to the
exact Kohn-Sham local exchange potential, using a three-dimensional real-sp
ace finite-difference pseudopotential method. It is found that the exchange
-only KLI approximation leads to markedly improved eigenvalue spectra compa
red to those obtained within the standard local-density approximation (LDA)
, the generalized gradient approximation (GGA), and the Hartree-Fock (HF) m
ethod. For structural properties, exchange-only KLI approximation results a
re close to the corresponding HF values. We find that the addition of LDA o
r GGA correlation energy functionals does not lead to systematic improvemen
ts. [S1050-2947(99)08111-1].