The dynamical, long-wavelength longitudinal and transverse exchange-correlation potentials for a homogeneous electron gas are evaluated in a microscopic model based on an approximate decoupling of the equation of motion for the current-current response function. The transverse spectrum turns out to be very similar to the longitudinal one. We obtain evidence for a strong spectral structure near twice the plasma frequency due to a two-plasmon threshold for two-pair excitations, which may be observable in inelastic scattering experiments. Our results give the entire input needed to implement the Time-Dependent Current Density Functional Theory scheme recently developed by G. Vignale and W. Kohn [Phys. Rev. Lett. 77, 2037 (1996)] and are fitted to analytic functions to facilitate such applications.
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