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A multilayer laminated piezoelectric Pb(Zr1-xTix)O3 (PZT) ceramic transformer, operating in a half- wavelength longitudinal resonant mode (λ/2 mode), has been analyzed. This piezoelectric transformer is composed of one thickness-polarized section (T-section) for exciting the longitudinal mechanical vibrations, two longitudinally polarized sections (L-section) for generating high-voltage output, and two insulating layers laminated between the T-section and L-section layers to provide insulation between the input and output sections. Based on the piezoelectric constitutive and motion equations, an electro-elasto-electric (EEE) equivalent circuit has been developed, and correspondingly, an effective EEE coupling coefficient was proposed for optimum design of this multilayer transformer. Commercial finite element analysis software is used to determine the validity of the developed equivalent circuit. Finally, a prototype sample was manufactured and experimental data was collected to verify the model's validity.