A modulating device capable of generating an OFDM signal and having a drastically improved frequency use efficiency. The modulating device has modulators (6, 8 (11, 13, 106, 108, 111, 113)) for modulating a signal to be modulated and having a Nyquist roll-off frequency characteristic with a carrier frequency having a difference two times the Nyquist frequency and combiners (10(15, 110, 115)) for generating modulation output having a speed two times that of the signal to demodulated and the same Nyquist roll-off slope as the signal to be modulated by combining the outputs of the modulators (6, 8 (11, 13, 106, 108, 111, 113)). Thus a double speed wave can be superposed on the same frequency without varying the roll-off slope of the Nyquist characteristic, and therefore an OFDM signal (19) having a drastically improved frequency use efficiency is provided.