I suspect wavelets would be much better than a fourier transform and rather less good than emd. The reason is that since we do not know what features of the signal are decisive in perceiving it as real, a signal-adaptive technique such as emd is more likely to capture them than a decomposition based on a set of arbitrarily chosen functions such as wavelet analysis. The beauty of emd is that the decomposition is determined by the signal itself and so is highly efficient at extracting its essential features.
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