We discuss a recent theory for studying many-body effects in nonlinear
spectroscopy. With a canonical transformation, we eliminate the optic
ally-induced interband charge fluctuations and obtain a ''dressed'' Ha
miltonian describing the Coulomb correlations leading to excitonic res
onances. We then focus on a Fermi sea and use the Coupled Cluster expa
nsion to study the dephasing and many-body processes. We provide an in
tuitive picture of how the dynamics of the Coulomb correlations manife
sts itself in nonlinear spectroscopy within the conventional picture o
f interacting carriers moving inside effective bands. We then apply th
is general method to extract the physics conveyed by recent experiment
s, indicating that, for off-resonant pump excitation, the different na
ture of the excitonic effects in doped quantum wells or metals (Fermi
Edge Singularity) and undoped semiconductors (atomic exciton) leads to
different nonlinear absorption. To interpret this, we demonstrate how
a pump-induced increase in the carrier masses strongly enhances the F
ermi Edge Singularity and why this depends on the pulse duration.