Oxygenation and Blood Volume Periodic Waveforms in the Brain
  Results of an experiment are presented whose aim is to explore the relationship between respiration and cerebral oxygenation. Measurements of end tidal CO2 (EtCO2) were taken simultaneously with cerebral oxygen saturation (rSO2) using the INVOS Cerebral Oximeter of Somanetics. Due to the device limitations we could explore only subjects who could perform with a breathing rate of around 2/min or less. Six subjects were used who were experienced in yoga breathing techniques. They performed an identical periodic breathing exercise including periodicity of about 2/min. The results of all six subjects clearly show a periodic change of cerebral oxygenation with the same period as the breathing exercises. Similar periodic changes in blood volume index were observed as well. 
Alexander Gersten, Dov Heimer and Amir Raz
physics.med-ph physics.bio-ph