Wavelet analysis is employed to examine amplitude-and frequency-modulations in broadband signals. Of particular interest are the streamwise velocity fluctuations encountered in wall-bounded turbulent flows. Recent studies have shown that an important feature of the near-wall dynamics is the modulation of small-scales by large-scale motions. Small-and large-scale components of the velocity time series are constructed by employing a spectral separation scale. Wavelet analysis of the small-scale component decomposes the energy in joint time-frequency space. The concept is to construct a low-dimensional representation of the small-scale time-varying spectrum via two new time series: the instantaneous amplitude of the smallscale energy, and the instantaneous frequency. Having the latter in a time-continuous representation allows a more thorough analysis of frequency modulation. By correlating the large-scale velocity with the concurrent small-scale amplitude and frequency realizations, both amplitude-and frequency-modulations are studied. In addition, conditional averages of the small-scale amplitudeand frequency-realizations depict unique features of the scale-interaction. For both modulation phenomena, the much studied time shifts, associated with peak correlations between the large-scale velocity and small-scale amplitude and frequency traces, are addressed. We confirm that the small-scale amplitude signal leads the large-scale fluctuation close to the wall. It is revealed that the time shift in frequency modulation is smaller