We propose a novel scheme for the joint generation of two squeezed beams at
arbitrary frequencies omega (1) and omega (2). The scheme consists of two
successive steps, both involving nonlinear interactions in chi ((2)) crysta
ls. The dynamics of the setup is analyzed both quantum mechanically and cla
ssically within the parametric approximation. An experimental implementatio
n involving the fundamental and the harmonics of a Nd:YAG laser pulse, and
beta -BaB2O4 nonlinear crystals is suggested.