Probability distribution of the maximum of a smooth temporal signal

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We present an approximate calculation for the distribution of the maximum of a smooth stationary temporal signal X(t). As an application, we compute the persistence exponent associated to the probability that the process remains below a non-zero level M. When X(t) is a Gaussian process, our results are expressed explicitly in terms of the two-time correlation function, f(t)=<X(0)X(t)>.
Final version (1 major typo corrected; better introduction). Accepted in Phys. Rev. Lett

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