Arterial blood flow is analyzed on the basis of a realistic model consisting of a viscous liquid contained in a thick-walled viscoelastic tube. Approximate forms of the Navier-Stokes and continuity equations are derived for this model and solved in conjunction with the equations of motion of an elastic solid. Expressions are found for the displacement of the tube wall, velocity distribution, volume flow rate and phase velocity of the pressure wave. Changes in the shape of the pressure wave caused by damping and dispersion are determined, and the effect of viscoelasticity is assessed. Numerical results are presented which correspond to observed parameters of the circulatory systems of living animals.