  Analysis of the dynamics of the cavity radiation of a coherently pumped
correlated emission laser is presented. The phase fluctuation and dephasing are
found to affect the time evolution of the two-mode squeezing and intensity of
the cavity radiation significantly. The intensity and degree of the two-mode
squeezing increase at early stages of the process with time, but this trend
changes rapidly afterwards. It is also shown that they increase with phase
fluctuation and dephasing in the strong driving limit, however the situation
appears to be opposite in the weak driving limit. This essentially suggests
that the phase fluctuation and dephasing weaken the coherence induced by a
strong driving mechanism so that the spontaneous emission gets a chance. The
other important aspect of the phase fluctuation, in this regard, is the
relaxation of the time at which the maximum squeezing is manifested as well as
the time in which the radiation remains in a squeezed state.
