Spin-polarized currents are able to change the magnetic configuration of nanostructures through the spintransfer
effect proposed more than a decade ago. Intensive research is currently directed at understanding the
basic physics of this non-equilibrium interaction and designing magnetic nanodevices controlled by electric
current. In those devices spin transfer torques play a key role creating dynamic regimes that are not
present in conventional magnetic systems. Unfortunately full dynamic study of the phenomenon is not
straightforward even for simple spin transfer devices due to the nonlinearity of the Landau-Lifshitz-Gilbert
equation governing the magnetization motion. Devices with complicated magnetic anisotropy feature many
dynamic regimes: "canted states", multiple precession states, "magnetic fan" regimes, etc. which are often
studied by numeric methods. One special case of magnetic anisotropy, a dominating easy plane, turns out
to be ubiquitous in experimental designs. This case is characterized by a simplification of the dynamic
equations which permits analytical treatment by means of an effective planar equation. The planar equation
is presented and discussed for a number of regimes. It is shown how planar description gives an intuitively
clear picture of magnetic dynamics and allows to predict new phenomena.
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