Abstract: A power supply (ringer power supply) for a telephone exchange comprising a first switching circuit for receiving and subjecting direct current to high frequency switching by means of a switching element, a converter transformer connected to the switching circuit, a smoothing circuit connected to the secondary side of the converter transformer, a second switching circuit connected to the output stage of the smoothing circuit and used for switching the input current by means of a transistor bridge of a plurality of transistors for being alternately turned on, a direct-current bypassing diode connected between the input and output terminals of each transistor, a driving circuit for driving each of the transistors in accordance with a predetermined driving signal, and a driving signal generator circuit for generating the driving signal for setting timing to prevent the period during which a transistor is turned on from overlapping the one during which another transistor is subsequently turned on, permitting a red