The paper presents a new computational model of non-steady operation of a PEM fuel cell. The model is based on the macroscopic hydrodynamic approach and assumptions of low humidity operation and one-dimensionality of transport processes. Its novelty and advantage in comparison with similar existing models is that it takes into account the finite-time equilibration between vapor and membrane-phase liquid water within the catalyst layers. The phenomenon is described using an additional parameter with the physical meaning of the typical reciprocal time of the equilibration. A computational parametric study is conducted to identify the effect of the finite-time equilibration on steady-state and transient operation of a PEM fuel cell. (c) 2007 Elsevier B.V. All rights reserved.