We describe a circuit model for a flux-driven SQUID. This is useful for developing insight into how these devices perform as active elements in parametric amplifiers. The key concept is that frequency mixing in a flux-pumped SQUID allows for the appearance of an effective negative resistance. In the three-wave, degenerate case treated here, a negative resistance appears only over a certain range of allowed input signal phase. This model readily lends itself to testable predictions of more complicated circuits.
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