What is static stability and how is it different from dynamic stability?

Static stability refers to the initial tendency of an aircraft to return to equilibrium after a disturbance - if disturbed from level flight, does it initially tend to return or diverge further? Dynamic stability concerns the time history of motion following a disturbance - does the aircraft oscillate and eventually settle, oscillate with constant amplitude, or oscillate with increasing amplitude? An aircraft must be statically stable to be dynamically stable, but static stability alone does not guarantee dynamic stability.