The cross-spectrum method consists in measuring a signal $c(t)$ simultaneously with two independent instruments. Each of these instruments contributes to the global noise by its intrinsec (white) noise, whereas the signal $c(t)$ that we want to characterize could be a (red) noise. We first define the real part of the cross-spectrum as a relevant estimator. Then, we characterize the probability density function (PDF) of this estimator knowing the noise level (direct problem) as a Variance-Gamma (V$\Gamma$) distribution. Next, we solve the "inverse problem" thanks to Bayes' theorem to obtain an upper limit of the noise level knowing the estimate. Checked by massive Monte Carlo simulations, V$\Gamma$ proves to be perfectly reliable to any number of degrees of freedom (dof). Finally we compare this method with an other method using the Karhunen-Lo\`{e}ve transfrom (KLT). We find an upper limit of the signal level slightly different as the one of V$\Gamma$ since KLT better takes into account the available informations.
Comment: 10 pages (2 columns), 5 figures, 3 tables, 34 references