We present a detailed study of the time-dependent Gutzwiller approximation
for the Hubbard model. The formalism, labelled GA+RPA, allows us to compute
random-phase approximation-like (RPA) fluctuations on top of the Gutzwiller
approximation (GA). No restrictions are imposed on the charge and spin
configurations which makes the method suitable for the calculation of linear
excitations around symmetry-broken solutions. Well-behaved sum rules are obeyed
as in the Hartree-Fock (HF) plus RPA approach. Analytical results for a
two-site model and numerical results for charge-charge and current-current
dynamical correlation functions in one and two dimensions are compared with
exact and HF+RPA results, supporting the much better performance of GA+RPA with
respect to conventional HF+RPA theory.Comment: 14 pages, 6 figure