A new approach to the Volterra analysis of analog circuits is presented. Volterra analysis is widely used for the calculation of harmonic and intermodulation distortion products. However, the analysis is limited to circuits experiencing small signal excitations and becomes inaccurate when the input signal amplitude increases, especially when MOS transistors are involved. In this paper, we analyze the cause of this drawback, which is no other than the Taylor series' convergence properties. Moreover, we propose a solution, by calculating the nonlinearity coefficients using a different type of polynomial expansion, the Chebyshev series. This replacement improves significantly the capabilities of Volterra analysis. We also present results comparing Chebyshev series with other types of polynomial expansions. Finally, we apply the proposed method to analyze the intermodulation distortion (IMD) of a CMOS RF power amplifier, both in the small and the large signal regimes.