We discuss the concept of characteristic squeezing modes applied to a travelling-wave optical parametric amplifier pumped by an ultrashort pulse. The characteristic modes undergo decoupled single-mode squeezing transformations, and therefore they form a useful basis to describe the evolution of the entire multimode system. This provides an elegant and intuitive picture of quantum statistical properties of parametric fluorescence. We analyse the efficiency of detecting quadrature squeezing, and present results of numerical calculations for a realistic nonlinear medium.
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