The Magnetocaloric Effect and its Applications presents a complete overview of theoretical and experimental research results surrounding the magnetocaloric effect, and a comprehensive discussion of current and potential applications of the phenomenon. The book reviews those materials with magnetic moment of both band and localized nature and various types of magnetic ordering, and materials with more exotic magnetic structures are also considered. A detailed discussion of experimental and theoretical studies of a great number of rare earth magnetic materials is given, with emphasis on the physical interpretation of observed phenomena.