We investigate analytically, numerically, and experimentally the modulational instability in a layered, cubically nonlinear (Kerr) optical medium that consists of alternating layers of glass and air. We model this setting using a nonlinear Schrödinger (NLS) equation with a piecewise constant nonlinearity coefficient and conduct a theoretical analysis of its linear stability, obtaining a Kronig-Penney equation whose forbidden bands correspond to the modulationally unstable regimes. We find very good quantitative agreement between the theoretical analysis of the Kronig-Penney equation, numerical simulations of the NLS equation, and the experimental results for the modulational instability. Because of the periodicity in the evolution variable ...