Czynniki determinujące kurs euro wobec dolara amerykańskiego (USD /EUR ) w długim okresie
Determinants of euro against US dollar rate of exchange (US D/EUR ) in the long run

Summary/Abstract: The paper is the results of research which aim have been to answer the question: what factors determine and how strong influence the rate of exchange USD/EUR in the run period. In research used Frenkel–Bilson model and built on this base econometric model. In research was formulated hypothesis that rate of exchange USD/EUR is determined in economic and statistically significant way by following factors: M1 money supply in the euro area and in USA, changes of GDP rate of growth in euro area and USA, changes of long term treasury bonds’ yield to maturity in the euro area and USA. The results of research confirm that existing presented above hypothesis, with the exception of changes of GDP rate of growth influence.

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