We derive a new expression for the maximum BOLD signal (M) that includes a simple model of oxygen exchange. Using this new expression for M and Monte-Carlo simulations we show that the resting cerebral metabolic rate of oxygen consumption (CMRO2) can be estimated from the resting perfusion (CBF) and maximum BOLD signal (M). The proposed method is demonstrated in-vivo using a repeated breath-holding protocol to measure M. This new gas-free method of estimating CMRO2 offers a pragmatic approach for estimate cerebral oxygen consumption that is simple to perform and well tolerated.
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