Macaulay Duration
The weighted-average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price.
Investopedia Commentary
The metric is named after its creator, Frederick Macaulay. Macaulay duration is frequently used by portfolio managers who use an immunization strategy.
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Advanced Bond Concepts
See also: Bond, Effective Duration, Immunization, Key Rate Duration, Modified Duration