- Joined May 27, 2020
Thank you so much for your explaination. This explaination addressed the issue.This may help to explain things in your setup.
View attachment 208935
The modulator output is measured between a and Ref1. The demodulator input is measured between b and Ground (Ground is Ref2.
Note that the voltage at b is affected by the current through R1, R2 and the transistor base junction. Hence the demodulator input waveform is offset from the modulator output waveform.