We present an analytical and numerical study of the coherent exciton polari
zation including exciton-exciton correlation. The time evolution after exci
tation with ultrashort optical pulses can be divided into a slowly varying
polarization component and novel ultrafast collective modes. The frequency
and damping of the collective modes are determined by the high-frequency pr
operties of the retarded two-exciton correlation function, which includes C
oulomb effects beyond the mean-held approximation. The overall time evoluti
on depends on the low-frequency spectral behavior. The collective mode, wel
l separated from the slower coherent density evolution, manifests itself in
the coherent emission of a resonantly excited excitonic system, as demonst
rated numerically.