We demonstrate how to identify which physical processes dominate the low-energy spectral functions of correlated electron systems. We obtain an unambiguous classification through an analysis of the equation of motion for the electron self-energy in its charge, spin, and particle-particle representations. Our procedure is then employed to clarify the controversial physics responsible for the appearance of the pseudogap in correlated systems. We illustrate our method by examining the attractive and repulsive Hubbard model in two dimensions. In the latter, spin fluctuations are identified as the origin of the pseudogap, and we also explain why d-wave pairing fluctuations play a marginal role in suppressing the low-energy spectral weight, independent of their actual strength. Introduction.-Correlated electron systems display some of the most fascinating phenomena in condensed matter physics, but their understanding still represents a formidable challenge for theory and experiments. For photoemission [1] or STM [2,3] spectra, which measure single-particle quantities, information about correlation is encoded in the electronic self-energy Σ. However, due to the intrinsically many-body nature of the problems, even an exact knowledge of Σ is not sufficient for an unambiguous identification of the underlying physics. A perfect example of this is the pseudogap observed in the single-particle spectral functions of underdoped cuprates [4], and, more recently, of their nickelate analogues [5]. Although relying on different assumptions, many theoretical approaches provide self-energy results compatible with the experimental spectra. This explains the lack of a consensus about the physical origin of the pseudogap: In the case of cuprates, the pseudogap has been attributed to spin fluctuations [6-10], preformed pairs [11][12][13][14][15], Mottness [16,17], and, recently, to the interplay with charge fluctuations [18][19][20][21] or to Fermi-liquid scenarios [22]. The existence and the role of (d-wave) superconducting fluctuations [11][12][13][14][15] in the pseudogap regime are still openly debated for the basic model of correlated electrons, the Hubbard model.Experimentally, the clarification of many-body physics is augmented by a simultaneous investigation at the two-particle level, i.e., via neutron scattering [23], infrared or optical [24] and pump-probe spectroscopy [25], muon-spin relaxation [26], and correlation or coincidence two-particle spectroscopies [27][28][29]. Analogously, theoretical studies of Σ can also be supplemented by a corresponding analysis at the two-particle level. In this