The cognitive processes of learning, memory and decision making rely on neural circuits located in anatomically distinct brain regions. Networks of neurons in these regions must coordinate their activity to support these complex cognitive functions, and it is increasingly clear that cognition emerges from this coordinated activity of distributed networks. In particular, prior work indicates that long-range interactions between the hippocampus and the prefrontal cortex are important for these higher order functions. Lesion studies indicate that communication between these regions is required for goal-directed and rule-based behaviors [1–3]. However, the nature of communication between these two regions, and the physiological mechanisms that support these interactions, are still poorly understood.