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In this paper, we present a semiclassical wave equation analysis using a coupled-mode expansion formalism to study the effect of a microwave field on a train of short optical pulses co-propagating in a traveling-wave modulator structure. This device can continuously shift the central frequency of light pulses. We demonstrate the effect of the applied field on the light spectrum, the dependence on the relation between microwave wavelength and pulse length, and the effect of changing the interaction length or the power of the applied microwave field. The results of the calculation of these effects are presented.