A case is made for combining spectral and timing analysis of X-ray data in
order to better understand the physics at work in Active Galactic Nuclei (A
GN). In analysing X-ray light curves from long EXOSAT ME observations of a
sample of AGN with a new technique (assuming a stochastic behaviour of the
sources) we determine characteristic variability time constants and find th
at there is a significant correlation with the 2-10 keV spectral index (Kon
ig et al. 1997). This establishes a relationship between the photon index o
f the X-ray spectrum, Gamma, and the fastness of the variability. Similar r
elations have been noted between Gamma and the variability amplitude (Green
et al. 1993, Fiore et al. 1998).