
the origin of the microstates accounting for this entropy and neither provided a real time
description of the physics. Some subsequent developments related the analytic continuation
of Euclidean winding modes, with long-strings that stretch and scatter on the linear dilaton
background [18,19], but they focused in the regime when they do not backreact on the
geometry.
In relation to these works, in [13] it was found that even though the model of [11] does
not have an a priori obvious analytic continuation into Lorentzian signature, it nevertheless
appears in a particular scaling limit of a more general class of MQM models which do have
a real time description. These models contain in addition to the original N×NMQM
matrix Mij (and non dynamical gauge field Aij), bi-fundamental fields χαi transforming
under an SU(Nf)×SU(N) symmetry6(that source the MQM SU(N) non-singlets that
were originally projected out). Going to the matrix eigenvalue basis, they can be equiva-
lently described in terms of dynamical SU(Nf) spin-Calogero models [13,59] in an inverted
oscillator potential. The models of [13] are well defined both in Euclidean and Lorentzian
signature, and their Euclidean partition function constitutes a generalisation of that ap-
pearing in [11], obeying a discrete (Hirota-Miwa) soliton equation instead of the simpler
Toda differential equation. They are also related to the ungauged version of MQM, but
contain additional parameters (fugacities for vortices/winding modes) as the model of [11]
does. In addition due to the relation of the models of [13] with FZZT branes, these parame-
ters have a natural interpretation from the Liouville side: The masses of the bifundamentals
are related to the boundary cosmological constant via: 2m=σ , µB=√µcosh πσ,Nfto
the number of FZZT branes and so forth, see [13] for more details.
At this point we should mention a known difficulty relating the model of [11] with an
object that behaves like an actual target space black hole. As we review in section 2, this
matrix model is most directly related to Sine-Liouville theory, which in turn is related to
the SL(2, R)k/U(1) WZW coset description of the 2dblack hole [32,33,35], by a form
of strong/weak duality (FZZ duality [42]). The issue is that the coset is an actual CFT
only for a certain compactification radius R2=k= 9/4 that is of string scale (in units
where α0= 1). This brings us to another important topic, that of the black hole - string
transition [20–23]. In short the basic idea is that once black holes become small and reach
the string scale (the so called correspondence point), the gravitational semi-classical black
hole geometry ceases to be a good description and is replaced by a condensate of (long)
strings. For the particular case of the two-dimensional black hole, it can be shown that
the winding mode becomes non-normalisable for radii R2=k < 3. This means that it is
explicitly sourced and below k= 3 the bosonic black hole ceases to be a normalisable state
in the theory [44,45], leaving only a long string condensate to survive, for more details
see the end of section 2. Of course this signals a possible trouble for the interpretation
of the WZW coset as a black hole for such a string scale radius, when it is actually a
CFT. Nevertheless, even though we do not currently have access to an exact worldsheet
description, generally one does anticipate the existence of black hole solutions for a wide
6The SU (Nf) symmetry in these models is a global symmetry. This comes from the open strings ending
on NfFZZT branes. We construct in section 7a new model for which both symmetries are gauged.
– 3 –