We report analysis of equations describing Damjanovie kinetics of the oxygen reduction reaction. Analytical expressions for two steady-state solutions are found. Stability analysis shows that one of this solutions is stable, while the other is absolutely unstable in the whole range of parameters. The polarization curve corresponding to the stable solution exhibits the effect of limiting current density j(0)(lim). Unlike an usual asymptotic approach to the limiting current, here j(0)(lim) Aim marks a "break" of the curve. An analytical model of the cathode catalyst layer impedance based on the Damjanovie dynamics of surface coverages is developed. (C) 2014 Elsevier B.V All rights reserved.