  We characterize good clocks, which are naturally subject to fluctuations, in
statistical terms. We also obtain the master equation that governs the
evolution of quantum systems according to these clocks and find its general
solution. This master equation is diffusive and produces loss of coherence.
Moreover, real clocks can be described in terms of effective interactions that
are nonlocal in time. Alternatively, they can be modeled by an effective
thermal bath coupled to the system.
