The spectral and dispersive emission properties are analytically determined for the two-dimensional system of exciton-polaritons in microcavities excited by a resonant and coherent optical pump. New collective excitations result from the anomalous coupling between one generic polariton state and its idler, created by the scattering of two pumped polaritons. The corresponding parametric correlation is stimulated by the emitter and idler populations and drives very efficiently the luminescence. The intrinsic properties of the collective excitations determine a peculiar emission pattern.

5 pages, 4 figures eps. Revised version following the Referee remarks. Submitted to PRB, Rapid Comm