We consider a two-level quantum system (qubit) which is continuously measured by a detector and calculate the spectral density of the detector output. In the weakly coupled case the spectrum exhibits a moderate peak at the frequency of quantum oscillations and a Lorentzian-shape increase of the detector noise at low frequency. With increasing coupling the spectrum transforms into a single Lorentzian corresponding to random jumps between two states. We prove that the Bayesian formalism for the selective evolution of the density matrix gives the same spectrum as the conventional master equation approach, despite the significant difference in interpretation. The effects of the detector nonideality and the finite-temperature environment are also discussed.

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