We consider a higher derivative effective theory for an Abelian gauge field in three dimensions, which represents the result of integrating out heavy matter fields interacting with a classical gauge field in a parity-conserving way. We retain terms containing up to two derivatives of $F_{mu u}$, but make no assumption about the strength of this field. We then quantize the gauge field, and compute the one-loop effective action for a constant $fmn$. The result is explicitly evaluated for the case of a constant magnetic field.
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