  The subject of the present paper is the theoretical description of collective
electronic excitations, i.e. spin waves, in the Hubbard-model. Starting with
the widely used Random-Phase-Approximation, which combines Hartree-Fock theory
with the summation of the two-particle ladder, we extend the theory to a more
sophisticated single particle approximation, namely the
Spectral-Density-Ansatz. Doing so we have to introduce a `screened`
Coulomb-interaction rather than the bare Hubbard-interaction in order to obtain
physically reasonable spinwave dispersions. The discussion following the
technical procedure shows that comparison of standard RPA with our new
approximation reduces the occurrence of a ferromagnetic phase further with
respect to the phase-diagrams delivered by the single particle theories.
