The representation theory of centrally extended Yangian doubles is inv
estigated. The intertwining operators are constructed for infinite dim
ensional representations of <(DY(Sl(2)))over cap>, which are deformed
analogs of the highest weight representations of the affine algebra <(
Sl(2))over cap> at level 1. We give bosonized expressions for the inte
rtwining operators and verify that they generate an algebra isomorphic
to the Zamolodchikov-Faddeev algebra for the SU(2)-invariant Thirring
model. From them, we compose L-operators by Miki's method and verify
that they coincide with L-operators constructed from the universal R-m
atrix. The matrix elements of the product of these operators are calcu
lated explicitly and are shown to satisfy the quantum (deformed) Knizh
nik-Zamolodchikov equation associated with the universal R-matrix for
<(DY(sl(2)))over cap>.