Yep, a non deflationary currency would be precisely one that has its coins created all the time, instead of in a predefined amount as bitcoins. (You can think of mining as "discovering" one of the predefined bitcoins instead of creating a new one). The problem is that for a currency to be slightly inflationary, as it should be, you need to tie it to an economy and make political decisions about it- and then you're back at square one.