Abstract
Let be a commutative algebra over the field . We show that there is a natural algebra homomorphism which is an isomorphism when is a smooth algebra. Thus, the functor can be viewed as an approximation of negative cyclic homology and ordinary cyclic homology is a natural -module. In general, there is a spectral sequence . We find associated approximation functors and for ordinary cyclic homology and periodic cyclic homology, and set up their spectral sequences. Finally, we discuss universality of the approximations.
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