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We fabricated fully epitaxial Fe(001)/MgO(001)/Fe(001) magnetic tunnel junctions (MTJs) and observed a magneto-resistance (MR) ratio of 88% at T = 293 K (146% at T = 20 K), the highest value yet reported. The origin of the high MR ratio is not the diffusive tunneling of Julliere's model but the coherent spin-polarized tunneling in epitaxial MTJs, in which only the electrons with totally symmetric wave functions with respect to the barrier-normal axis can tunnel. The bias-voltage dependence of the MR was very small, resulting in a high output voltage of 380 mV. This high voltage will help overcome problems in the development of high-density magnetoresistive random-access-memory (MRAM).
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Yuasa et al. (2004) studied this question.
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