Mechanisms influencing learning in neural networks are usually investigated
on either a local or a global scale. The former relates to synaptic proces
ses, the latter to unspecific modulatory systems. Here we study the interac
tion of a local learning rule that evaluates coincidences of pre- and posts
ynaptic action potentials and a global modulatory mechanism, such as the ac
tion of the basal forebrain onto cortical neurons. The simulations demonstr
ate that the interaction of these mechanisms leads to a learning rule suppo
rting fast learning rates, stability, and flexibility. Furthermore, the sim
ulations generate two experimentally testable predictions on the dependence
of backpropagating action potential on basal forebrain activity and the re
lative timing of the activity of inhibitory and excitatory neurons in the n
eocortex.