Complex fMRI analysis with unrestricted phase is equivalent to a magnitude-only model

Due to phase imperfections, voxel time course measurements are complex valued. However, most fMRI studies measure activation using magnitude-only time courses. We show that magnitude-only analyses are equivalent to a complex fMRI activation model in which the phase is unrestricted, or allowed to dynamically change over time. This suggests that improvements to the magnitude-only model are possible by modeling the phase in each voxel over time.