Understanding and quantifying the various contributions to functional magnetic resonance imaging (FMRI) signal changes in activated cortical areas is paramount for a clinical application of brain mapping by FMRI. Therefore, all significant contributions to FMRI signal changes, both extra- and intravascular, from macrovessels down to the capillary network, should be taken into account. We present a gradient-recalled-echo FMRI model based on in-flow effects described by the Bloch equations, adding susceptibility effects empirically via T2* differences measured in vitro in human blood samples. Results of these calculations (by systematically varying alpha, echo time (TE), repetition time (TR), as well as blood velocity and T2* upon stimulation) may be used to (a) simulate functional MRI experiments with different measurement protocols and (b) estimate realistic values for important anatomical and physiological details that influence local signal changes in FMRI (i.e., size and distribution of vessels, effective relaxation times of blood, etc.). The excellent agreement between our model calculations and experimental results from conventional gradient recalled echo fMRI in vivo suggests a significant contribution from very slow flow and oxygenation changes, predominantly in small vessels (vblood = 1-4 mm/s). The actual contribution of T1- and T2-related effects is strongly dependent on sequence design and actual sequence parameters used. Thus, the model simulations presented may also be used to optimize measurement protocols for investigating various neurophysiological phenomena.