  We present the exact solution of the Falicov-Kimball model after a sudden
change of its interaction parameter using non-equilibrium dynamical mean-field
theory. For different interaction quenches between the homogeneous metallic and
insulating phases the system relaxes to a non-thermal steady state on time
scales on the order of hbar/bandwidth, showing collapse and revival with an
approximate period of h/interaction if the interaction is large. We discuss the
reasons for this behavior and provide a statistical description of the final
steady state by means of generalized Gibbs ensembles.
