Models of the EPR-Bohm experiment usually consider just two times, an initial time, and the time of measurement. Within such analyses, it has been argued that ‘locality’ is equivalent to determinism, given the strict correlations of quantum mechanics. However, an analysis based on such models is only a preliminary to an analysis based on a complete dynamical model. The latter analysis is carried out, and it is shown that, given certain definitions of ‘locality’ and ‘determinism’ for completely dynamical models, locality implies, but is not implied by, determinism. Further, it is suggested that a local deterministic model has not been ruled out by Bell's theorem. It is suggested that such a model could naturally deny the independence of initial complete states from the settings of the apparatuses (a crucial assumption in the derivation of Bell's inequality).