How is a new stationary state reached in an isolated quantum-mechanical many-body system
after it has been forced out of equilibrium? What are the properties of this new state, in
particular, is it the thermal state expected from statistical mechanics? For correlated electrons in
condensed matter, which are not independent of each other because of the Coulomb interaction,
such questions can be investigated with time-resolved femtosecond spectroscopy, where shortly
after a first laser pulse the response to a second pulse is measured. Theoretical approaches that
describe the real-time dynamics of correlated systems are discussed, in particular
nonequilibrium dynamical mean-field theory for Hubbard-type models. We discuss the
formation of stationary states and the relaxation towards thermal states, which is also of interest
in view of experiments with cold atomic gases in optical traps.