A novel PRFB decomposition for non-stationary time-series and image analysis

•A generalized approach for the design of a perfect reconstruction filterbank is proposed.•Fourier–Gauss decomposition method is developed based on the generalized Gaussian model.•Fourier–Butterworth decomposition method is proposed utilizing maximally flat Butterworth filters.•Multiple methods are discussed for obtaining the desired cut-off frequencies.•Energy preserving technique is incorporated into the proposed decomposition.