What relationship does the BOLD have to the underlying neuronal activity?
(This should probably be higher up the question list.) The BOLD signal is produced by an influx of oxygenated blood to a local area of neuronal activity, to compensate for increased energy usage. But neurons use energy for a lot of things, both pre- and post-synaptic: action potentials, increased membrane potentials, cleaning up neurotransmitter, putting out neurotransmitter, etc. In order to correctly interpret the BOLD in a given region, we need to know if it’s caused by, say, increased firing (i.e., output) or increased post-synaptic activity (i.e., increased input) or some combination. What aspect of the underlying electrophysiology does the BOLD correlate with? Logothetis & Wandell (HrfPapers) review a good deal of this work. Several electrophysiology studies have found tight correlations between BOLD and local field potential (LFP), a lower-frequency electrical measure summed over many neurons (but still with good spatial resolution). Similarly, fast ERP amplitude seems to vary l
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