Published online by Cambridge University Press: 13 July 2015
Fluctuation dynamos are generic to turbulent astrophysical systems. The only analytical model of the fluctuation dynamo, due to Kazantsev, assumes the velocity to be delta-correlated in time. This assumption breaks down for any realistic turbulent flow. We generalize the analytic model of fluctuation dynamos to include the effects of a finite correlation time,   ${\it\tau}$ , using renewing flows. The generalized evolution equation for the longitudinal correlation function
 ${\it\tau}$ , using renewing flows. The generalized evolution equation for the longitudinal correlation function   $M_{L}$  leads to the standard Kazantsev equation in the
 $M_{L}$  leads to the standard Kazantsev equation in the   ${\it\tau}\rightarrow 0$  limit, and extends it to the next order in
 ${\it\tau}\rightarrow 0$  limit, and extends it to the next order in   ${\it\tau}$ . We find that this evolution equation also involves third and fourth spatial derivatives of
 ${\it\tau}$ . We find that this evolution equation also involves third and fourth spatial derivatives of   $M_{L}$ , indicating that the evolution for finite-
 $M_{L}$ , indicating that the evolution for finite-  ${\it\tau}$  will be non-local in general. In the perturbative case of small-
 ${\it\tau}$  will be non-local in general. In the perturbative case of small-  ${\it\tau}$  (or small Strouhal number), it can be recast using the Landau–Lifschitz approach, to one with at most second derivatives of
 ${\it\tau}$  (or small Strouhal number), it can be recast using the Landau–Lifschitz approach, to one with at most second derivatives of   $M_{L}$ . Using both a scaling solution and the WKBJ approximation, we show that the dynamo growth rate is reduced when the correlation time is finite. Interestingly, to leading order in
 $M_{L}$ . Using both a scaling solution and the WKBJ approximation, we show that the dynamo growth rate is reduced when the correlation time is finite. Interestingly, to leading order in   ${\it\tau}$ , we show that the magnetic power spectrum preserves the Kazantsev form,
 ${\it\tau}$ , we show that the magnetic power spectrum preserves the Kazantsev form,   $M(k)\propto k^{3/2}$ , in the large-
 $M(k)\propto k^{3/2}$ , in the large-  $k$  limit, independent of
 $k$  limit, independent of   ${\it\tau}$ .
 ${\it\tau}$ .