A system is provided that includes a cavity ring-down spectrometer and a processor. The spectrometer is configured to pass, through a cavity resonator, a modulated, continuous-wave electromagnetic signal at each of one or more selectable, transmission frequencies in the Terahertz region of the electromagnetic spectrum. The spectrometer includes a transmitter that, with the cavity resonator, is configured so as to excite a single resonant mode of the cavity resonator. The processor is configured to receive a measurement of the passed portion of the modulated electromagnetic signal, and determine a phase shift of the modulated electromagnetic signal based upon the measurement. The processor is then configured to calculate a ring-down time of the cavity resonator as a function of the phase shift.