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We propose a method to estimate the glottal flow based on the ARX model of speech production and on the LF model of glottal flow. This method splits the analysis in two stages: a low frequency analysis to estimate the glottal source parameters which have mainly a low pass effect and a second step to refine the parameters which have also a high pass effect. Along with this new analysis scheme, we introduce a new algorithm to efficiently minimize the nonlinear function resulting from the least square criterion applied to the ARX model. Results on synthetic and natural speech signals prove the effectiveness of the proposed method.