We analyze the effects of CO poisoning and air bleeding on the performance of a PEM (polymer electrolyte membrane) fuel cell stack fabricated using commercial MEA (membrane electrode assembly). Dynamic response data from the experiments on the performance of a stack are identified by obtaining steady-state gains and time-constants of the first-order system model expressed as a first-order differential equation. It is found that the cell voltage of the stack decreases by 1.3-1.6 mV as the CO concentration rises by 1 ppm. The time elapsed to reach a new steady state after a change in the CO concentration is shortened as the magnitude of the change in the CO concentration increases. In general, the steady-state gain becomes bigger and the time-constant gets smaller with increasing the air concentration (air-bleeding level) in the reformate gas to restore the cell voltage. However, it is possible to recover 87%-96% of the original cell voltages, which are measured with free of CO, within 1-30 min by introducing the bleed air as much as 1% of the reformate gas into the stack.