(eng): To reconstruct the neoclassical theory of inflation to obtain a model which generates non-periodical oscillations of price level which is considered to be a realistic approximation of actual price level evolution. Analysis with the Fisherian equation of exchange. The assumption on non-variability of the velocity of money circulation parameter is relaxed in favour of dependence on expected inflation. Model of inflation is a two-equation model where price evolution depends on production dynamics which is assumed to be an exogeneous variable. By adding Kaldor's model to the two equation systm a four equation model is formed.Constructed model is able to generate more complex dynamics i.e. non-linear cycles and chaos.