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We make a theoretical study of the quantum oscillations of the tunneling magnetoresistance (TMR) as a function of the spacer layer thickness. Such oscillations were recently observed in tunneling junctions with a nonmagnetic metallic spacer at the barrier-electrode interface. It is shown that momentum selection due to the insulating barrier and conduction via quantum well states in the spacer, mediated by diffusive scattering caused by disorder, are essential features required to explain the observed period of oscillation in the TMR ratio and its asymptotic value for thick nonmagnetic spacer.

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