The dynamics of atom lasers with a continuous output coupler based on two-photon Raman transitions is investigated. With the help of the time-convolutionless projection operator technique the quantum master equations for pulsed and continuous wave (cw) atom lasers are derived. In the case of the pulsed atom laser the power of the time-convolutionless projection operator technique is demonstrated through comparison with the exact solution. It is shown that in an intermediate coupling regime where the Born-Markov approximation fails the results of this algorithm agree with the exact solution. To study the dynamics of a continuous wave atom laser a pump mechanism is included in the model. Whereas the pump mechanism is treated within the Born-Markov approximation, the output coupling leads to non-Markovian effects. The solution of the master equation resulting from the time-convolutionless projection operator technique exhibits strong oscillations in the occupation number of the Bose-Einstein condensate. These oscillations are traced back to a quantum interference which is due to the non-Markovian dynamics and which decays slowly in time as a result of the dispersion relation for massive particles
