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Reduction of the peak factor used in the design of frequency-modulation systems carrying multichannel telephony leads to a reduction of bandwidth, and therefore of thermal noise, at the expense of an increase in spectrum-truncation distortion. It is shown that the peak factor may be usefully reduced when the design carrier/noise ratio is high, but not when it is low, since such action raises the effective f.m. threshold.
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A.G. Reed (1967) studied this question.
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