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This paper presents a new explanation of neutrality of money in general case, regardless of the duration. It is based on the CMI-model of macroeconomic dynamics, which proposes the fundamental relationship between the efficiency of the use of production resources, money supply, inflation, and dynamics of the economic growth. This relationship is proved empirically by its testing on the examples of two completely different economies (the U.S. and Ukrainian ones). The testing period coversdoi:10.18523/2519-4739212017119738 fatcat:od7a75um5fb4bbvsv3dtkkb4om