  We study the transfer of spectral weight in the photoemission and optical
spectra of strongly correlated electron systems. Within the LISA, that becomes
exact in the limit of large lattice coordination, we consider and compare two
models of correlated electrons, the Hubbard model and the periodic Anderson
model. The results are discussed in regard of recent experiments. In the
Hubbard model, we predict an anomalous enhancement optical spectral weight as a
function of temperature in the correlated metallic state which is in
qualitative agreement with optical measurements in $V_2O_3$. We argue that
anomalies observed in the spectroscopy of the metal are connected to the
proximity to a crossover region in the phase diagram of the model. In the
insulating phase, we obtain an excellent agreement with the experimental data
and present a detailed discussion on the role of magnetic frustration by
studying the $k-$resolved single particle spectra. The results for the periodic
Anderson model are discussed in connection to recent experimental data of the
Kondo insulators $Ce_3Bi_4Pt_3$ and $FeSi$. The model can successfully explain
the different energy scales that are associated to the thermal filling of the
optical gap, which we also relate to corresponding changes in the density of
states. The temperature dependence of the optical sum rule is obtained and its
relevance for the interpretation of the experimental data discussed. Finally,
we argue that the large scattering rate measured in Kondo insulators cannot be
described by the periodic Anderson model.
