Timescales characterize how fast the observables change in time. In neuroscience, they can be estimated from the measured activity and can be used, for example, as a signature of the memory trace in the network. I will first discuss the inference of the timescales from the neuroscience data comprised of the short trials and introduce a new unbiased method. Then, I will apply the method to the data recorded from a local population of cortical neurons from the visual area V4. I will demonstrate that the ongoing spiking activity unfolds across at least two distinct timescales - fast and slow - and the slow timescale increases when monkeys attend to the location of the receptive field. Which models can give rise to such behavior? Random balanced networks are known for their fast timescales; thus, a change in the neurons or network properties is required to mimic the data. I will propose a set of models that can control effective timescales and demonstrate that only the model with strong recurrent interactions fits the neural data. Finally, I will discuss the timescales' relevance for behavior and cortical computations.