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Spectral timing analyses based upon wavelet transforms provide a new means tostudy the variability of the X-ray emission from accreting systems, includingAGN, stellar mass black holes and neutron stars, and can be used to trace thetime variability of X-ray reverberation from the inner accretion disc. Thepreviously-missing iron K reverberation time lags in the AGN IRAS 13224-3809and MCG-6-30-15 are detected and found to be transitory in nature.Reverberation can be hidden during periods in which variability in the iron Kband becomes dominated by ultrafast outflows (UFO). Following the timeevolution of the reverberation lag between the corona and inner accretion disc,we may observe the short-timescale increase in scale height of the corona as itis accelerated away from the accretion disc during bright X-ray flares in theAGN I Zw 1. Measuring the variation of the reverberation lag that correspondsto the continuous, stochastic variations of the X-ray luminosity sheds newlight on the disc-corona connection around accreting black holes. Hysteresis isobserved between the X-ray count rate and the scale height of the corona, and atime lag of 10~40ks is observed between the rise in luminosity and the increasein reverberation lag. This correlation and lag are consistent with viscouspropagation through the inner accretion disc, leading first to an increase inthe flux of seed photons that are Comptonised by the corona, before massaccretion rate fluctuations reach the inner disc and are able to modulate thestructure of the corona.

Wavelet spectral timing: X-ray reverberation from a dynamic black hole corona hidden beneath ultrafast outflows