We use data from the Hipparcos catalogue to construct colour-magnitude diagrams for the solar neighbourhood , which are then treated using advanced Bayesian analysis techniques to derive the star formation history , SFR ( t ) , of this region over the last 3 Gyr .
The method we use allows the recovery of the underlying SFR ( t ) without the need of assuming any a priori structure or condition on SFR ( t ) , and hence yields a highly objective result .
The remarkable accuracy of the data permits the reconstruction of the local SFR ( t ) with an unprecedented time resolution of \approx 50 Myr .
A SFR ( t ) having an oscillatory component of period \approx 0.5 Gyr is found , superimposed on a small level of constant star formation activity .
Problems arising from the non-uniform selection function of the Hipparcos satellite are discussed and treated .
Detailed statistical tests are then performed on the results , which confirm the inferred SFR ( t ) to be compatible with the observed distribution of stars .