The role of a spin-dependent electronic structure in the giant magnetoresis
tance effect (GMR) of metallic magnetic multilayers is considered. The gene
ral transmission amplitude (coefficient) for an electron Bloch wave passing
from one magnetic layer to another one through a nonmagnetic spacer in the
ballistic regime is found for the case of perfect interfaces. The Boltzman
n equation, which incorporates this transmission coefficient and spin depen
dent scattering (SDS) in a hulk of magnetic layers, is solved for a magneti
c multilayer in the current-in-plane (CIP) geometry. It is shown that, if t
here is no spin asymmetry in an electron scattering by imperfections, an el
ectron refraction (a difference in the electron velocities in different lay
ers/different sheets of the Fermi surface) itself results in a negative mag
netoresistance and thus can lead to an enhancement of the GMR. The interfer
ence of electronic waves leads to the oscillations of the magnetoresistance
as a function of the spacer thickness. These oscillations can survive an i
ntegration over the Fermi surface and their periods are determined by the s
tationary vectors of the spacer Fermi surface. The oscillating quantum corr
ections are calculated explicitly. A new approach to accounting for imperfe
ctions of the interfaces is proposed. The general formula for the magnetore
sistance, which accounts for both the coherent and diffuse electron scatter
ing at the interfaces, is obtained.