Abstract
The periodic exchange of photons between the signal and idler modes of the frequency converter is described by representing the two modes by out-of-phase pulsating harmonic oscillators. The pulsations may be represented by periodically varying mass parameters or alternatively, as in the present treatment, by varying frequencies. When the initial numbers of photons in the two modes are large the effect of periodic photon exchange is to induce an intermittent train of short-lived antibunched states. A rapidly varying squeezing is found in any minimum uncertainty state. The possibility of experimental verification is discussed.