A physics-based equivalent circuit model of the ceramic capacitor is proposed, which can reproduce frequency characteristics of its impedance including the often observed yet hitherto physically unexplained kinks appearing above the primary series resonance frequency. The model can also account for parasitic effects of external inductances. In order to efficiently analyze and gain engineering insight into ceramic capacitors with a large number of metallic laminae, a two-dimensional method of moments is developed that treats the laminar structure as a uniform, effective medium. It turns out that the primary resonance and the kinks can be well understood and modeled by a lossy transmission line stub with a drastic wavelength reduction. The capacitor model is completed by adding components describing the skin effect and external inductances. The modeled impedance stays within a 4% margin of error up to 5 GHz. The proposed model could greatly improve the accuracy of power distribution network simulation.