  We study a four band model for iron-based superconductors within local
density approximation + dynamical mean field theory (LDA+DMFT). This
successfully reproduces the results of models which take As p degrees of
freedom explicitly into account and has several physical advantages over the
standard five d-band model. Our findings reveal that the new superconductors
are more strongly correlated than their single-particle properties suggest.
Two-particle correlation functions unveil the dichotomy between local and
ordered magnetic moments in these systems, calling for further experiments to
better resolve the short time scale spin dynamics.
