Deriving cerebral metabolic rate of oxygen consumption (CMRO(2)) from blood oxygenation level-dependent (BOLD) signals involves a flow-volume parameter (α), reflecting total cerebral blood volume changes, and a calibration constant (M). Traditionally, the former is assumed a fixed value and the latter is measured under alterations in fixed inspired fractional concentrations of carbon dioxide. We recently reported on reductions in M-variability via precise control of end-tidal pressures of both hypercapnic (HC) and hyperoxic (HO) gases. In light of these findings, our aim was to apply the improved calibration alternatives to neuronal activation, making use of their distinct vasoactive natures to evaluate the α-value. Nine healthy volunteers were imaged at 3 T while simultaneously measuring BOLD and arterial spin-labeling signals during controlled, graded, HC, and HO, followed by visual (VC) and sensorimotor cortices (SMC) activation. On the basis of low M- and CMRO(2)-variability, the comparison of these calibration alternatives accurately highlighted a reduced venous flow-volume relationship (α=0.16±0.02, with α(VC)=0.12±0.04, and α(SMC)=0.20±0.02), as appropriate for BOLD modeling.