The theory of the optical parametric oscillator is examined and compared to
the experiment in the regime of far below threshold. It is found that the
output state has no difference from spontaneous parametric down-conversion
except that the bandwidth of down-conversion is reduced to that of the reso
nator and the conversion rate is enhanced by cavity resonance. The reductio
n of the bandwidth of the down-converted fields makes it possible for a dir
ect measurement of the time interval distribution between two down-converte
d photons. The observed distributions are well explained by the theory. Suc
h a narrow-band two-photon source will find wide applications in quantum in
formation processing.