The focus of this work is on modeling blood flow in medium-to-large systemic arteries assuming cylindrical geometry, axially symmetric flow, and viscoelasticity of arterial walls. The aim was to develop a reduced model that would capture certain physical phenomena that have been neglected in the derivation of the standard axially symmetric one-dimensional models, while at the same time keeping the numerical simulations fast and simple, utilizing one-dimensional algorithms. The viscous Navier-Stokes equations were used to describe the flow and the linearly viscoelastic membrane equations to model the mechanical properties of arterial walls. Using asymptotic and homogenization theory, a novel closed, "one-and-a-half dimensional" model was obtained. In contrast with the standard one-dimensional model, the new model captures: (1) the viscous dissipation of the fluid, (2) the viscoelastic nature of the blood flow - vessel wall interaction, (3) the hysteresis loop in the viscoelastic arterial walls dynamics, and (4) two-dimensional flow effects to the leading-order accuracy. A numerical solver based on the 1D-Finite Element Method was developed and the numerical simulations were compared with the ultrasound imaging and Doppler flow loop measurements. Less than 3% of difference in the velocity and less than 1% of difference in the maximum diameter was detected, showing excellent agreement between the model and the experiment.