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The authors consider continuous Lie algebra \\(2\\)-cocycles \\(\\omega\\) on the Lie algebra \\({\\mathfrak g}=C^\\infty(M,{\\mathfrak k})\\) of \\(G\\) which are of ``product type'', meaning that \\(\\omega(\\xi,\\eta):=[\\kappa(\\xi,d\\eta)]\\in {\\mathfrak z} :=\\Omega^1(M,Y)/ dC^\\infty(M,Y)\\) for some continuous, symmetric, invariant bilinear map \\(\\kappa : {\\mathfrak k}\\times {\\mathfrak k}\\to Y\\) on the Lie algebra \\({\\mathfrak k}\\) of \\(K\\), with values in a sequentially complete, locally convex space \\(Y\\). The article is centered around the question of whether there exists a central Lie group extension \\(\\widehat{G}\\) of \\(G\\) corresponding to \\(\\omega\\). It is known from the general extension theory developed by the second author [Ann. Inst. Fourier 52, 1365-1442 (2002; Zbl 1019.22012)] that \\(\\widehat{G}\\) exists if and only if the period group \\(\\Pi_{M,\\kappa}\\subseteq {\\mathfrak z}\\) (the image of the period homomorphism \\(\\text{per}_\\omega : \\pi_2(G)\\to {\\mathfrak z}\\)) is discrete and the adjoint action of \\({\\mathfrak g}\\) on \\({\\mathfrak g}\\oplus_\\omega {\\mathfrak z}\\) integrates to a smooth representation of \\(G\\). The second condition is always satisfied in the present context; the Lie algebra action even integrates to a smooth representation of \\(C^\\infty(M,K)\\) (Proposition III.3). As the authors show, for fixed \\(\\kappa\\), the first condition is satisfied for every \\(M\\) if and only if it is satisfied for \\(M={\\mathbb S}^1\\), i.e., in the case of loop groups (Theorem I.6). Hence \\(\\widehat{G}\\) exists for general \\(M\\) if and only if it does so for \\(M={\\mathbb S}^1\\). The proof is based on an explicit calculation of \\(\\Pi_{M,\\kappa}\\) in terms of \\(\\Pi_{{\\mathbb S}^1,\\kappa}\\) which is quite remarkable, because \\(\\pi_2(C^\\infty(M,K))\\) is not well accessible when \\(\\dim(M)>2\\). The authors then turn to finite-dimensional \\(K\\); in this case, a central extension \\({\\mathfrak z}/\\Pi_{M,\\kappa}\\to \\widehat{G}\\to G\\) is shown to exist for \\(\\kappa : {\\mathfrak k}\\times {\\mathfrak k}\\to V({\\mathfrak k})\\), the universal symmetric invariant bilinear map (Corollary III.7). If \\(K\\) is semisimple, this implies the existence of a central extension of \\(G\\) which is universal among all central extensions of \\(G\\) by abelian regular Fr\u00e9chet-Lie groups (Theorem IV.5). So far, only a universal central extension of the universal covering group \\(\\widetilde{G}\\) (rather than \\(G\\)) had been discussed in the literature [\\textit{A. Pressley} and \\textit{G. Segal}, Loop groups, Oxford University Press (1988; Zbl 0638.22009)], for \\(K\\) a simply connected, simple, compact Lie group. In a section which can be read independently of the others, the authors also study the problem to associate to a pair of automorphisms of Lie groups \\(Z\\) and \\(G\\) an automorphism of a given central extension \\(\\widehat{G}\\) of \\(G\\) by \\(Z\\), and they describe sufficient conditions ensuring that actions of a Lie group \\(R\\) on \\(Z\\) and \\(G\\) by automorphisms give rise to a smooth automorphic action of \\(R\\) on 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