Abstract. Independent component analysis (ICA) of functional magnetic resonance imaging (fMRI) data is commonly carried out under the assumption that each source may be represented as a spatially fixed pattern of activation, which leads to the instantaneous mixing model. To allow modeling patterns of spatiotemporal dynamics, in particular, the flow of oxygenated blood, we have developed a convolutive ICA approach: spatial complex ICA applied to frequencydomain fMRI data. In several frequency-bands, we identify components pertaining to activity in primary visual cortex (V1) and blood supply vessels. One such component, obtained in the 0.10-Hz band, is analyzed in detail and found to likely