We investigate the ground-state and finite-temperature properties of the J1-J2 Heisenberg antiferromagnet on the square lattice in the presence of an external magnetic field. We focus on the highly frustrated regime around J2≈J1/2. The h-T phase diagram is investigated with particular emphasis on the finite-temperature transition into the "up-up-up-down" state that is stabilized by thermal and quantum fluctuations and manifests itself as a plateau at one half of the saturation magnetization in the quantum case. We also discuss the enhanced magnetocaloric effect associated to the ground-state degeneracy that arises at the saturation field for J2=J1/2. For reference, we first study the classical case by classical Monte Carlo simulations. Then we turn to the extreme quantum limit of spin-1/2 where we perform zero- and finite-temperature Lanczos calculations
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