  The very first dynamical implementation of the combined GW and dynamical mean
field scheme "GW+DMFT" for a real material was achieved recently [J.M. Tomczak
et al., Europhys. Lett. 100 67001 (2012)], and applied to the ternary
transition metal oxide SrVO3. Here, we review and extend that work, giving not
only a detailed account of full GW+DMFT calculations, but also discussing and
testing simplified approximate schemes. We give insights into the nature of
exchange and correlation effects: Dynamical renormalizations in the Fermi
liquid regime of SrVO3 are essentially local, and nonlocal correlations mainly
act to screen the Fock exchange term. The latter substantially widens the
quasi-particle band structure, while the band narrowing induced by the former
is accompanied by a spectral weight transfer to higher energies. Most
interestingly, the exchange broadening is much more pronounced in the
unoccupied part of spectrum. As a result, the GW+DMFT electronic structure of
SrVO3 resembles the conventional density functional based dynamical mean field
(DFT+DMFT) description for occupied states, but is profoundly modified in the
empty part. Our work leads to a reinterpretation of inverse photoemission
spectroscopy (IPES) data. Indeed, we assign a prominent peak at about 2.7 eV
dominantly to eg states, rather than to an upper Hubbard band of t2g character.
Similar surprises can be expected for other transition metal oxides, calling
for more detailed investigations of the conduction band states.
