In this paper, we focus on understanding the magnetic field and temperature dependences of the heat capacity CP, electrical resistivity ρ, and magnetocaloric effect ΔTad in Fe48Rh52 alloy near room temperatures. The phase diagram is constructed according to the CP(H, T) and ρ(H, T) data, and the field shift of the critical temperature is found to be 9.6 K/T. The experimental results on the heat capacity do not confirm the existing assumption about the electronic nature of the antiferromagnet–ferromagnet phase transition in the FeRh alloy. An increase in resistance through the ferromagnetic–antiferromagnetic phase transition is explained by a sharp decrease of the carrier density and simultaneously the appearance of an additional conducting channel. The adiabatic temperature change ΔTad at a field change of 1.8 T equals −9.8 K, and the maximum value of the entropy change ΔS estimated from CP(H, T) and ΔTad(H, T) data is equal to 12.8 J/kg K. The differences in the magnetocaloric effect values in the heating and cooling run in weak magnetic fields are explained based on the thermal expansion data. An almost reversible degradation of the magnetocaloric effect was discovered upon the continuous application of a cyclic magnetic field at temperatures near the magnetostructural transition.
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