Evolution of the symbiotic binary system AG Pegasi - The slowest classical nova eruption ever recorded

We present an analysis of new and existing photometric and spectroscopic observations of the ongoing eruption in the symbiotic star AG Pegasi, showing that this binary has evolved considerably since the turn of the century. Recent dramatic changes in both the UV continuum and the wind from the hot component allow a more detailed analysis than in previous papers. AG Peg is composed of a normal M3 giant and a hot, compact star embedded in a dense, ionized nebula. The hot component powers the activity observed in this system, including a dense wind and a photoionized region within the outer atmosphere of the red giant. The hot component contracted in radius at roughly constant luminosity from 1850 to 1985. Its bolometric luminosity declined by a factor of about 4 during the past 5 yr. Both the mass loss rate from the hot component and the emission activity decreased in step with the hot component's total luminosity, while photospheric radiation from the red giant companion remained essentially constant.