The PHMC algorithm for simulations of dynamical fermions: I -- description and properties

We give a detailed description of the so-called Polynomial Hybrid Monte Carlo (PHMC) algorithm. The effects of the correction factor, which is introduced to render the algorithm exact, are discussed, stressing their relevance for the statistical fluctuations and (almost) zero mode contributions to physical observables. We also investigate rounding-error effects and propose several ways to reduce memory requirements.