Plastic deformation of crystalline materials is a complex nonhomogeneous process characterized by avalanches in the motion of dislocations. We study the evolution of dislocation loops using an analytically solvable phase-field model of dislocations for ductile single crystals during monotonic loading. The distribution of dislocation loop sizes is given by P(A) approximately A-sigma, with sigma=1.8+/-0.1. The exponent is in agreement with those found in acoustic emission experiments. This model also predicts a range of macroscopic behaviors in agreement with observation, including hardening with monotonic loading, and a maximum in the acoustic emission signal at the onset of yielding.