In the single-store model of memory, the enhanced recall for the last items in a free-recall task (i.e., the recency effect) is understood to reflect a general property of memory rather than a separate short-term store. This interpretation is supported by the finding of a long-term recency effect under conditions that eliminate the contribution from the short-term store. In this article, evidence is reviewed showing that recency effects in the short and long terms have different properties, and it is suggested that 2 memory components are needed to account for the recency effects: an episodic contextual system with changing context and an activation-based short-term memory buffer that drives the encoding of item-context associations. A neurocomputational model based on these 2 components is shown to account for previously observed dissociations and to make novel predictions, which are confirmed in a set of experiments.