The paper presents a simple disinflation model existing within the mainstream economy, based on a traditional view that rigid wages and rigid prices hamper attempts to reduce the inflation rate. This results in temporary increase in the unemployment rate and in fluctuations of the production growth rate. The presented model is based on the principle of interchangeability of inflation and unemployment. This interchangeability shows the necessity for temporary slowdown in the production growth rate in order to achieve a lasting decrease in the inflation rate because prices and wages do not immediately adjust to the narrower money supply. The model consists of three basic equations illustrating the principle of interchangeability of inflation and unemployment rate. The first equation shows the negative ratio between the change in the inflation rate and the change in the unemployment rate. The second one illustrates the ratio between the change in the production growth rate and the unemployment rate. The third describes the aggregated demand in the form of the ratio between the change in the total production rate and inflation rate with a given money supply growth rate. The three equations constitute a comprehensive, though considerably simplified macroeconomic model of long-term production, inflation and unemployment adjustments.