It is shown that the energy dependence of the time-lags in Cygnus X-1 exclu
des any significant contribution of the standard reflected component to the
observed lags. The conclusion is valid in the 0.1-10 Hz frequency range wh
ere time-lags have been detected with sufficient significance. In fact, the
data hint that the reflected component is working, in the opposite directi
on, reducing the lags at energies where the contribution of the reflected c
omponent is significant.
We argue that the observed logarithmic dependence of time-lags on energy co
uld be due to the small variations of the spectral index in the frame of a
very simple phenomenological model. We assume that an optically thin flow/c
orona, emitting a power law like spectrum, is present at a range of distanc
es from the compact object. The slope of the locally emitted spectrum is a
function of distance, with the hardest spectrum emitted in the innermost re
gion. If perturbations with different time-scales are introduced to the acc
retion flow at different radii, then X-ray lags naturally appear, caused by
the inward propagation of perturbations on the diffusion time-scales.