This study sought to investigate the effects of exercise on the dynamics of the ventilatory response to hypercapnia. Nine volunteers took part. Their ventilatory responses to hypercapnia were measured at rest and during a constant level of moderate (30% of maximal) exercise. End-tidal PCO2 was alternated between 1.5 and 10 Torr above the normal air-breathing value at rest or during exercise, as appropriate, in a manner designed to distinguish the effects of hypercapnia on the peripheral and central chemoreflexes. End-tidal PO2 was kept constant at 100 Torr. A two-compartment respiratory model of the peripheral and central chemoreflexes was fit to the ventilation data in order to estimate the gains and time constants of these chemoreflexes. Although no significant change in either peripheral or total chemoreflex sensitivity was detected with exercise, central chemoreflex sensitivity was nevertheless significantly (p<0.05) augmented from 2.2±0.9 to 2.7±1.4 l/min/Torr. Both chemoreflex responses were faster during exercise, with a marginally significant (p=0.05) decrease in peripheral time constant from 10±3 to 5±4 s, and a large significant decrease in the central time constant from 80±35 to 26±9 s (p<0.01). These results suggest that, rather than just being a product of their physiochemical environments, the time constants of the chemoreflexes may undergo active regulation. [Wellcome Trust]