The forced oscillation technique is a widely-used non-invasive method of characterizing the dynamic behaviour of the respiratory system. We used the forced oscillation technique to investigate respiratory mechanics in healthy subjects during simulated dives in dry hyperbaric chambers. We observed frequency dependence of input impedance, which was mainly density-dependent. To explain this result, we propose a model of the respiratory system, based on flow redistribution in a two-pathway circuit. This model, using the electrical analogue, is composed of two Resistance-Self Inductance-Capacitance (R-I-C) pathways set up in parallel. It allowed us to explain the dynamic behaviour of respiratory impedance under hyperbaric conditions in healthy subjects. Changes in respiratory impedance according to frequency vary with the relative importance of the inequalities of the two time constants RC and I/R between the two pathways. With low values of density, RC inequality predominates, whereas I/R inequality tends to predominate with high values of density.