Sensory perception (e.g. vision) relies on a hierarchy of cortical areas, in which neural activity propagates in both directions, to convey information not only about sensory inputs but also about cognitive states, expectations and predictions. At the macroscopic scale, neurophysiological experiments have described the corresponding neural signals as both forward and backward-travelling waves, sometimes with characteristic oscillatory signatures. It remains unclear, however, how such activity patterns relate to specific functional properties of the perceptual apparatus. Here, we present a mathematical framework, inspired by neural network models of predictive coding, to systematically investigate neural dynamics in a hierarchical perceptual system. We show that stability of the system can be systematically derived from the values of hyper-parameters controlling the different signals (related to bottom-up inputs, top-down prediction and error correction). Similarly, it is possible to determine in which direction, and at what speed neural activity propagates in the system. Different neural assemblies (reflecting distinct eigenvectors of the connectivity matrices) can simultaneously and independently display different properties in terms of stability, propagation speed or direction. We also derive continuous-limit versions of the system, both in time and in neural space. Finally, we analyze the possible influence of transmission delays between layers, and reveal the emergence of oscillations at biologically plausible frequencies.