A microscopic many-body theory for the optical and electronic properties of
semiconductors is reviewed with an emphasis on the role of correlation eff
ects. At the semiclassical level, the semiconductor Bloch equations include
many-body effects via bandgap and field renormalization as well as correla
tion contributions representing two electron-hole pair amplitudes, excitoni
c populations, and coupled interband and intraband coherences. These Coulom
b interaction induced carrier correlations lead to characteristic signature
s in nonlinear semiconductor spectroscopy. At the fully quantum mechanical
level the dominant light-matter correlations are described by coupled semic
onductor Bloch and luminescence equations. Excitonic emission properties of
quantum well and microcavity systems are discussed, including effects such
as coherent signatures in the secondary emission and coherent control of t
he emitted light.