Hybrid Logics. Characterization, Interpolation and Complexity Carlos Areces, Patrick Blackburn, Maarten Marx Hybrid languages are extended modal languages which can refer to (or even quantify over) worlds. The use of strong hybrid languages dates back to at least \cite{prio:past67}, but recent work (for example \cite{blac:hybr98}, \cite{blac:hybr98a}) has focused on a more constrained system called $\mathcal{H}(\downarrow,@)$. The purpose of the present paper is to show in detail that $\mathcal{H}(\downarrow,@)$ is a modally natural system. We begin by studying its expressivity, and provide both model theoretic characterizations (via a restricted notion of Ehrenfeucht-Fra\"{\i}ss\'e game, and an enriched notion of bisimulation) and a syntactic characteri- zation (in terms of bounded formulas). The key result to emerge is that $\mathcal{H}(\downarrow,@)$ corresponds precisely to the first-order fragment which is invariant for generated submodels. We further establish that $\mathcal{H}(\downarrow,@)$ has (strong) interpolation, and provide failure results in the finite variable fragments. We also show that weak interpolation holds for the sublanguage $\mathcal{H}(@)$, and provide complexity results for $\mathcal{H}(@)$ and other fragments and variants (the full logic being undecidable).