New algorithms and optimization techniques are needed to balance the accelerating trend towards bandwidth-starved multicore chips. It is well known that the performance of stencil codes can be improved by temporal blocking, lessening the pressure on the memory interface. We introduce a new pipelined approach that makes explicit use of shared caches in multicore environments and minimizes synchronization and boundary overhead. For clusters of shared-memory nodes we demonstrate how temporal blocking can be employed successfully in a hybrid shared/distributed-memory environment.