The ultrafast optical manipulation of ordered phases in strongly correlated materials is a topic of significant theoretical, experimental, and technological interest. Inspired by a recent experiment on light-induced superconductivity in fullerenes [Mitrano et al., Nature 530, 2016], we develop a comprehensive theory of light-induced superconductivity in driven electron-phonon systems with lattice nonlinearities. In analogy with the operation of parametric amplifiers, we show how the interplay between the external drive and lattice nonlinearities lead to significantly enhanced effective electron-phonon couplings. We provide a detailed and unbiased study of the nonequilibrium dynamics of the driven system using the real-time Green's function technique. To this end, we develop a Floquet generalization of the Migdal-Eliashberg theory and derive a numerically tractable set of quantum Floquet-Boltzmann kinetic equations for the coupled electron-phonon system. We study the role of parametric phonon generation and electronic heating in destroying the transient superconducting state. Finally, we predict the transient formation of electronic Floquet bands in time- and angle-resolved photo-emission spectroscopy experiments as a consequence of the proposed mechanism.

42 pages, 17 figures