This paper investigates the short-run effects of economic growth on carbon dioxide emissions for 189 countries over the period 1961-2010. Contrary to what has previously been reported, we conclude that there is no strong evidence that the emissions-income elasticity is larger during individual years of economic expansion as compared to recession. Significant evidence of asymmetry emerges when effects over longer periods are considered. We find that economic growth tends to increase emissions growth not only in the same year, but also in subsequent years. Delayed effects – especially noticeable in the road transport sector – mean that emissions tend to grow more slowly after recessions. Emissions are more sensitive to fluctuations in industrial value-added than agricultural value-added, with services being an intermediate case. External shocks have a relatively large impact on domestic emissions, and the short-run emissions-income elasticity does not appear to decline as incomes increase. Economic growth and emissions are more tightly linked in fossil-fuel rich countries.