An analysis is made of the main characteristics (bandwidth, electrical drive power, frequency response) of traveling-wave electrooptic modulators using waveguide Mach–Zehnder interferometers. A bandwidth of tens of gigahertz and a drive power of the order of hundreds of milliwatts are attainable only in a system with an intermittent cumulative interaction between a modulating microwave and an optical wave. Such a system can be constructed in various ways utilizing a periodic array of reversing electrodes, periodic removal of an optical waveguide from the region of interaction of light in a modulating wave, and structures with an aperiodic variation of the electric field polarity, including toothed structures.