We investigate long and short memory in $α$-stable moving averages and max-stable processes with $α$-Fréchet marginal distributions. As these processes are heavy-tailed, we rely on the notion of long range dependence suggested by Kulik and Spodarev (2019) based on the covariance of excursions. Sufficient conditions for the long and short range dependence of $α$-stable moving averages are proven in terms of integrability of the corresponding kernel functions. For max-stable processes, the extremal coefficient function is used to state a necessary and sufficient condition for long range dependence.