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In this paper, the instantaneous capacity of Orthogonal Frequency-Division Multiplexing (OFDM) in frequency-selective Rayleigh fading is evaluated, based on constrained capacity arguments, to account for the signal constellations used on the sub-carriers, and on a form of the Central Limit Theorem suitable for correlated random variables. If the number of subcarriers is large, the overall capacity is shown to be Gaussian distributed, and its mean and variance are derived, as well as their dependence on the selected constellation, the signal-to-noise ratio and the channel parameters.
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