The X-ray and γ-ray spectrum of rotation-powered millisecond pulsars is investigated in a model for acceleration and pair cascades on open field lines above the polar caps. Although these pulsars have low surface magnetic fields, their short periods allow them to have large magnetospheric potential drops, but the majority do not produce sufficient pairs to completely screen the accelerating electric field. In these sources, the primary and secondary electrons continue to accelerate to high altitude, and their Lorentz factors are limited by curvature and synchrotron radiation reaction. The accelerating particles maintain high Lorentz factors and undergo cyclotron resonant absorption of radio emission that produces and maintains a large pitch angle, resulting in a strong synchrotron component. The resulting spectra consist of several distinct components: curvature radiation from primary electrons dominating from 1 to 100 GeV, synchrotron radiation from primary and secondary electrons dominating up to about 100 MeV, and much weaker inverse Compton radiation from primary electrons at 0.1-1 TeV. We find that the relative size of these components depends on pulsar period, period derivative, and neutron star mass and radius, with the level of the synchrotron component also depending sensitively on the radio emission properties. This model is successful in describing the observed X-ray and γ-ray spectrum of PSR J0218+4232 as synchrotron radiation, peaking around 100 MeV and extending up to a turnover around several GeV. The predicted curvature radiation components from a number of millisecond pulsars, as well as the collective emission from the millisecond pulsars in globular clusters, should be detectable with AGILE and GLAST. We also discuss a hidden population of X-ray-quiet and radio-quiet millisecond pulsars that have evolved below the pair death line, some of which may be detectable by telescopes sensitive above 1 GeV.
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