Alveolar partial pressure of carbon dioxide (PACO2) and alveolar partial pressure of oxygen (PAO2) oscillate at the frequency of respiration and the oscillations persist into the arterial blood as oscillations of arterial partial pressure of carbon dioxide (PaCO2) and arterial partial pressure of oxygen (PaO2). Arterial chemoreceptors respond quickly enough to changes in PaCO2 and PaO2 for the arterial oscillations to give rise to oscillations in their afferent discharge at the frequency of respiration. The respiratory centre responds with short latency to afferent impulses reaching it. If a burst of impulses reaches it during an inspiration, the depth of that inspiration, is increased but if the burst arrives during expiration, the succeeding inspiration is little affected. Thus if the peaks of chemoreceptor afferent discharge coincide with inspiration, they have a greater effect on respiration than if they coincide with expiration. The phase relation between the activity of the respiratory centre and the oscillations it produces is determined, inter alia, by the frequency of respiration and the heart output. Thus it may well change in exercise.