  Quantum interference between one- and two-photon absorption pathways allows
coherent control of interband transitions in unbiased bulk semiconductors;
carrier population, carrier spin polarization, photocurrent injection, and spin
current injection may all be controlled. We extend the theory of these
processes to include the electron-hole interaction. Our focus is on photon
energies that excite carriers above the band edge, but close enough to it so
that transition amplitudes based on low order expansions in $\mathbf{k}$ are
applicable; both allowed-allowed and allowed-forbidden two-photon transition
amplitudes are included. Analytic solutions are obtained using the effective
mass theory of Wannier excitons; degenerate bands are accounted for, but
envelope-hole coupling is neglected. We find a Coulomb enhancement of two-color
coherent control process, and relate it to the Coulomb enhancements of one- and
two-photon absorption. In addition, we find a frequency dependent phase shift
in the dependence of photocurrent and spin current on the optical phases. The
phase shift decreases monotonically from $\pi /2$ at the band edge to 0 over an
energy range governed by the exciton binding energy. It is the difference
between the partial wave phase shifts of the electron-hole envelope function
reached by one- and two-photon pathways.
