Magnetism-driven ferroelectricity in spin-1/2 $XY$ chains

We illustrate the magnetoelectric effect conditioned by the Katsura-Nagaosa-Balatsky (KNB) mechanism within the frames of exactly solvable spin-1/2 $XY$ chains. Due to three-spin interactions which are present in our consideration, the magnetization (polarization) is influenced by the electric (magnetic) field even in the absence of the magnetic (electric) field. We also discuss a magnetoelectrocaloric effect examining the entropy changes under the isothermal varying of the magnetic or/and electric field.