Many people would say that Calderon-Zygmund operators have almost diag
onal matrices in orthonormal wavelet bases. We will show that this sta
tement is not true as stated. In contrast, the ''non-standard matrix r
epresentation'' of Calderon-Zygmund operators always yields almost dia
gonal matrices. The Beyklin-Coifman-Rokhlin fast algorithm amounts to
replacing these almost diagonal matrices by banded ones. We compute th
e operator norm of the error term in this approximation and give sharp
estimates. (C) 1996 Academic Press, Inc.