For climatological studies, it is very important to address the issue of threshold selection. For extreme rainfall/temperature time series, apart from block Maxima series, POT (peak over threshold) series also provides vital informed. The question arises about selection of threshold value for analysis. Some literatures state that the threshold value shall be computed corresponding to a base period which is consistent with recent World Meteorological Organisation (WMO) operational climatology base period, i.e., at present 1961-1990 or 1971-2000 is the current base period adopted by WMO. For this base period, threshold values corresponding to 95th or 99th percentile values of a variable may be derived by fitting suitable probability distribution function.
The question is whether this method is robust for such estimation. If my data length of concern is 1901-2013, then the threshold values determined for the 'base period say 1961-1990' would be applicable/suitable to analyse the change during other periods, say for the years before 1961 and after 1990?
Please suggest or advice in this regard. Thanks in advance.