Local in time master equations with memory effects: Applicability and interpretation

Non-Markovian local in time master equations give a relatively simple way to describe the dynamics of open quantum systems with memory effects. Despite their simple form, there are still many misunderstandings related to the physical applicability and interpretation of these equations. Here we clarify these issues both in the case of quantum and classical master equations. We further introduce the concept of a classical non-Markov chain signified through negative jump rates in the chain configuration.