The dynamics of networks of sparsely connected excitatory and inhibitory in
tegrate-and-fire neurons are studied analytically. The analysis reveals a r
ich repertoire of states, including synchronous states in which neurons fir
e regularly; asynchronous states with stationary global activity and very i
rregular individual cell activity; and slates in which the global activity
oscillates but individual cells fire irregularly, typically at rates lower
than the global oscillation frequency. The network can switch between these
states, provided the external frequency, or the balance between excitation
and inhibition, is varied. Two types of network oscillations are observed.
In the fast oscillatory state, the network frequency is almost fully contr
olled by the synaptic time scale. In the slow oscillatory state, the networ
k frequency depends mostly on the membrane time constant. Finite size effec
ts in the asynchronous state are also discussed.