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A high level of accuracy is demonstrated in simulating basic RF/microwave circuit designs, following a consistent approach based upon the use of accurate characterization techniques and advanced passive and active component models. A number of new or enhanced high-frequency component models have been employed in order to increase the simulation prediction capability and reduce the number of design/fabrication/test cycles. The paper presents the general features of some novel SMT capacitor and inductor models as well as those of high-frequency non-linear models for varactor and switching diodes. The accuracy of the models is thoroughly verified against experimental data in a number of tests performed on each individual component model, as well as in a more complex test carried out on a typical dual-band VCO tank circuit used in some modern communication systems.