A variant is considered for the relaxation model of a loaded elastic-plastic medium with dislocation kinetics of plastic shearing. The model is formulated in rates and includes two independent strain rates: total strain rate, which corresponds to the rate of external action, and local rate of plastic response of the material, which represents the ability of the medium to generate strain-induced defects. This makes it possible to describe both local relaxation processes in the elastic-plastic medium and average relaxation of stresses in a loaded specimen. The model being developed amounts to microscopic ones. All model parameters are determined from independent experiments for the evolution of the dislocation continuum during loading of macroscopic specimens. The model provides an adequate description of the dynamic effects of the macroscopic response of materials depending on the strain rate: the upper and lower yield points (yield drop, yield plateau), subsequent strain hardening as well as features of cyclic and alternating loading, ideal and nonideal Bauschinger effect.