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.