Macaulay duration

Macaulay duration
The weighted-average term to maturity of the cash flows from the bond, where the weights are the present value of the cash flow divided by the price. The New York Times Financial Glossary
The earliest form of duration measurement. Developed in 1938 by Professor Frederick Macaulay, this simple form of duration provides only an approximate measure of the true price volatility and interest rate sensitivity of an instrument.
See convexity, duration, effective duration and modified duration. American Banker Glossary
The weighted-average term to maturity of the cash flows from a bond, where the weights are the present value of the cash flow divided by the price. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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