The two-channel perfect-reconstruction quadrature-mirror-filter banks (PR QMF banks) are analyzed in detail by assuming arbitrary analysis and synthesis filters. Solutions where the filters are FIR or IIR correspond to the fact that a certain function is monomial or nonmonomial, respectively. For the monomial case, the design problem is formulated as a nonlinear constrained optimization problem. The formulation is quite robust and is able to design various two-channel filter banks such as orthogonal and biorthogonal, arbitrary delay, linear-phase filter banks, to name a few. Same formulation is used for causal and stable PR IIR filter bank solutions.