A full-wave modulator-demodulator apparatus is described including an operational amplifier having a first input terminal coupled to a circuit input terminal, and a second input terminal alternately coupled to the circuit input terminal. A circuit is ground by a switching circuit responsive to a phase reference signal and the operational amplifier is alternately switched between a non-inverting mode and an inverting mode. The switching circuit includes three field-effect transistors operatively associated to provide the desired switching function in response to an alternating reference signal of the same frequency as an AC input signal applied to the circuit input terminal.