The invention relates to the field of methods and arrangements pertaining to transceivers. The object of the invention is to enable transceivers to be used more simply and more cheaply. This is achieved with an improved method of calibrating transceivers, and with transceivers that can be calibrated in accordance with the method. A sequence of signal connections (60–70) is established between a transmitter chain (3) and a receiver chain (5) in a transceiver. A corresponding sequence of signal paths is established from a baseband stage in the transmitter chain to a baseband stage in the receiver chain. Each signal path includes at least one specific component that shall be calibrated with the use of the established signal path, wherein any further components in said signal path will have already been calibrated with the use of earlier established signal paths. When calibrating the components, pre-determined test signals (TS1–TS11) are sent over the signal paths, wherein the response signals (RS1–RS11) are received as a response to the transmitted test signals. It is ascertained whether or not the components in the transceiver fulfil pre-determined performance requirements, on the basis of the test signals and the response signals. The components are adjusted when they do not fulfil performance requirements.