By studying the two-time overlap correlation function, we give a
comprehensive analysis of the phase diagram of the Random Hopping Dynamics of
the Random Energy Model (REM) on time-scales that are exponential in the
volume. These results are derived from the convergence properties of the clock
process associated to the dynamics and fine properties of the simple random
walk in the n-dimensional discrete cube.Comment: This paper is in large part based on the unpublished work
arXiv:1008.3849. In particular, the analysis of the overlap correlation
function is new as well as the study of the high temperature and short
time-scale transition line between aging and stationarit