In this paper, we define two input-output gains of linear periodic time-varying systems. One is the ratio of output with worst-case l2-norm over all inputs with unit 12-norm. It denotes G($iota_2,iota_2$.The other is the ratio of output with worst-case RMS value over all inputs with unit RMS value. It denotes G(RMS, RMS) .It is fact that these two gains are equivalent for linear time-invariant system. In this paper, we prove these two gains are also equivalent for linear periodic time-varying system. In addition, the relationship between two method of obtaining the generalized frequency responses for linear periodic time-varying system is derived. Finally, we apply the defined input-output gains to M-channel filter-bank which is multi-rate signal Processing system, used to speech coding. In the filter-bank, generally, aliasing distortion, magnitude distortion, and phase distortion are present. It is shown that these are kept small if the filter-bank is designed by a method that optimizes the gain G($iota_2,iota_2$ of an error system.