Functional magnetic resonance imaging (fMRI) has revolutionized the study of human brain activity, in both basic and clinical research. The commonly used blood oxygen level dependent (BOLD) signal in fMRI derives from changes in oxygen saturation of cerebral blood flow as a result of brain activity. Beyond the traditional spatial mapping of stimulus-activation correspondences, the detailed waveforms of BOLD responses are of high interest. Especially intriguing are the transient overshoots and undershoots, often, although inconclusively, attributed to the interplay between changes in cerebral blood flow and volume after neuronal activation. While physically simulating the BOLD response in fMRI phantoms, we encountered prominent transient deflections, although the magnetic field inside the phantom varied in a square-wave manner. Detailed analysis and modeling indicated that the transients arise from activation-related partial misalignment of the imaging slices and depend heavily on measurement parameters, such as the time between successive excitations. The results suggest that some transients encountered in normal fMRI recordings may be spurious, potentially compromising the physiological interpretation of BOLD signal overshoots and undershoots.fMRI phantom ͉ overshoot ͉ undershoot ͉ BOLD ͉ fMRI S ince the advent of the blood oxygen level dependent (BOLD) imaging method (1-4), functional magnetic resonance imaging (fMRI) of human brain function has spread so rapidly that currently as many as eight new fMRI papers appear each day. The proper analysis of fMRI data (5) and the relationship between the fMRI signal and the underlying brain activity (6) continues to receive much attention, whereas the basic physics of the signal acquisition is considered to be sufficiently understood. Accordingly, computer simulations are used to successfully model the effects of different imaging parameters on the measured signals (7-9).Such computational methods can, however, oversimplify factors affecting the signal acquisition and the MR signal. To scrutinize the behavior of the BOLD response in more detail, we recently introduced physical ''fMRI phantoms'' (10, 11) in which the BOLD signals can be physically simulated by accurately controlling current flow within a conducting medium.The MRI signals of the brain arise from protons that are excited with radio frequency pulses applied at the protons' Larmor frequency in a static magnetic field (B 0 ). With brief gradient fields, a slice of protons (e.g., perpendicular to the magnet's main axis z) can be selected. In a typical fMRI experiment, several (up to 50) slices are repeatedly excited while a subject performs a task or perceives stimuli. Soon after an excitation, the protons start to precess at slightly different frequencies because of local magnetic field inhomogeneities that arise from tissue properties, especially from a blood oxygenation level that varies according to neuronal activity. The field inhomogeneities result in dephasing, or transverse relaxation, of the original...