The apparent dependence of nuclear matter observables on off-shell properti
es of the two-nucleon potential is re-examined in the context of effective
field theory (EFT). Finite density (thermodynamic) observables are invarian
t under field redefinitions, which extends the well-known theorem about the
invariance of S-matrix elements. Simple examples demonstrate how field red
efinitions can shift contributions between purely off-shell two-body intera
ctions and many-body forces, leaving both scattering and finite-density obs
ervables unchanged. If only the transformed two-body potentials are kept, h
owever, the nuclear matter binding curves will depend on the off-shell part
(generating "Coester bands"), The correspondence between field redefinitio
ns and unitary transformations, which have traditionally been used to gener
ate "phase-equivalent" nucleon-nucleon potentials, is also demonstrated. (C
) 2001 Elsevier Science B.V. All rights reserved.