Before revision:  While the main advantage of our time-frequency estimator is that it provides us with realized volatility measure robust to noise as well as with consistent estimate of jumps, it also allows to decompose volatility into the several investment horizons  .
After revision:  While the main advantage of our time-frequency estimator is that it provides us with realized volatility measure robust to noise as well as with consistent estimate of jumps, it also allows to decompose volatility into the several investment horizons and jumps and then utilise this decomposition in a newly proposed Realized Jump-GARCH and Realized Wavelet-Jump GARCH models .