To better understand the dynamics of the BOLD response in terms of CBF, CMRO2, and deoxygenated blood volume, we used a combined normoxia/hyperoxia approach to untangle their relative contributions. This method was applied to both the positive activation response and the post-stimulus undershoot, the origins of which are still debated. A simple model of the BOLD response based on flow, metabolism, and volume, modified to include the effects of hyperoxia, was applied. For the origin of the undershoot, these data provide strong evidence for a CBF undershoot, moderate evidence for elevated CMRO2, and no evidence for elevated CBV (Balloon Model).
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