The flow of cerebrospinal fluid (CSF) along perivascular spaces (PVSs) is an important part of the brain's system for clearing metabolic waste. Experiments reveal that arterial motions from cardiac pulsations and functional hyperaemiadrive CSF in the same direction as the blood flow, but the mechanism producing this directionality is unclear. Astrocyte endfeet bound the PVSs of penetrating arteries, separating them from brain extracellular space (ECS) and potentially regulating flow between the two compartments. Here, we present two models, one based on the full equations of fluid dynamics and the other using lumped parameters, in which the astrocyte endfeet function as valves, regulating flow between the PVS and the ECS. In both models, cardiac pulsations drive a net CSF flow consistent with prior experimental observations. Functional hyperaemia, acting with cardiac pulsation, increases the net flow. We also find, in agreement with experiments, a reduced net flow during wakefulness, due to the known decrease in ECS permeability compared to the sleep state. We present in vivo imaging of penetrating arteries in mice, which we use to measure accurately the amplitude of their constrictions and dilations during both cardiac pulsation and functional hyperaemia, an important input for the models. Our models can be used to explore the effects of changes in other input parameters, such as those caused by ageing or disease, as better measurements of these parameters become available.