Describing two-mode squeezed-light experiments without two-mode entanglement or squeezing

In a recent work [Phys. Rev. A $\mathbf{102}$, 053723 (2020)] we have shown that experiments that produce and characterize single-mode light squeezing can be explained in a way where no single-mode squeezed light state is produced in the setup. Here we apply the same ideas to demonstrate that experiments that produce and characterize two-mode light squeezing can also be explained without the production of two-mode squeezed light states. In particular, we show that there is no entanglement between the signal and idler "twin beam" modes. This fact may be surprising, since this setup is frequently used to implement entangled-based quantum information protocols such as quantum teleportation. Our work brings an alternative view of the phenomenon. We generalize the Luis and S\'anchez-Soto's two-mode relative phase distribution [Phys. Rev. A $\mathbf{53}$, 495 (1996)] to treat four modes, showing that a general physical explanation for the noise reduction in the experiments is a better definition of a phase relation among the four involved optical modes: Signal, idler, and two local oscillators.