  We model the charge, spin, and heat currents in ferromagnetic metal$|$normal
metal$|$normal metal trilayer structures in the two current model, taking into
account bulk and interface thermoelectric properties as well as Joule heating.
Results include the temperature distribution as well as resistance-current
curves that reproduce the observed shifted parabolic characteristics. Thin
tunneling barriers can enhance the apparent Peltier cooling. The model agrees
with experimental results for wide multilayer pillars, but the giant effects
observed for diameters $\lesssim 100\,$nm are still under discussion.
