We consider the one-dimensional Schrödinger equation −f + qαf = Ef on the positive half-axis with the potential qα(r) = (α − 1/4)r −2 . It is known that the value α = 0 plays a special role in this problem: all self-adjoint realizations of the formal differential expression −∂ 2 r + qα(r) for the Hamiltonian have infinitely many eigenvalues for α < 0 and at most one eigenvalue for α ≥ 0. For each complex number ϑ, we construct a solution U α ϑ (E) of this equation that is entire analytic in α and, in particular, is not singular at α = 0. For α < 1 and real ϑ, the solutions U α ϑ (E) determine a unitary eigenfunction expansion operator U α,ϑ : L 2 (0, ∞) → L 2 (R, V α,ϑ ), where V α,ϑ is a positive measure on R. We show that each operator U α,ϑ diagonalizes a certain self-adjoint realization h α,ϑ of the expression −∂ 2 r + qα(r) and, moreover, that every such realization is equal to h α,ϑ for some ϑ ∈ R. Employing suitable singular Titchmarsh-Weyl m-functions, we explicitly find the spectral measures V κ,ϑ and prove their smooth dependence on α and ϑ. Using the formulas for the spectral measures, we analyse in detail how the transition through the point α = 0 occurs for both the eigenvalues and the continuous spectrum of h α,ϑ .