To add to Lilia Costabile's valuable comment on "exceptions to monetary neutrality" in the literature, I would like to add that Wicksell's writings on the money caused inflationary or the delationary "cumulative process" also did not assume monetary neutrality in the long period. Relative prices would change, changing the distribution of income; also the cumulative deflationary process involved a reduction of aggregate output, plus changes in relative prices. Furthermore, as already hinted at, von Mises transformed the long run CP even more into a theory of growth (or decline) in Money and Credit and Human Action. Both Wicksell and von Mises realized that money variations could cause real cycles and growth or decline. Michael Gootzeit Michael J. Gootzeit