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Hysteretic modulators have superior dynamic performance, and they also help reduce the number of output capacitors without sacrificing the transient response. For proper hysteretic operation, the voltage ripple is required to be piecewise linear and noise free. With modern computational integrated circuits lower supply voltage with tight regulation requirements, the output voltage ripple is both small and noisy. The synthetic ripple modulator (SRM) allows proper hysteretic operation even with a small and corrupted output voltage ripple. This paper discusses the dynamic behavior of the SRM. Small-signal characteristics of the modulator are derived. An easy-to-use numerically efficient model has been developed to accurately predict the small- and large-signal behavior of the converter driven by the SRM. The model is able to predict the small-signal behavior of the SRM up to half the switching frequency with sufficient accuracy. It can predict the same large-signal responses as real-time simulation, but at two orders of magnitude less in computation time. Laboratory tests on a 1.8 V/20 A single-phase prototype shows good correlation between experimental results and theoretical predictions both in frequency and time domain. Index Terms--Buck converter, fast transient response, hysteretic, ripple control, voltage regulator module.