Bond duration
（重定向自Macaulay Duration）
![Looking up at a computerized stocks-value board at the Philippine Stock Exchange](/Images/godic/202501/25/Philippine-stock-market-board4559.jpg")
![Fig. 1: Macaulay Duration](/Images/godic/202501/25/مثال_دیرش_مکالی4600.jpeg")
In finance, the duration of a financial asset that consists of fixed cash flows, for example a bond, is the weighted average of the times until those fixed cash flows are received. When an asset is considered as a function of yield, duration also measures the price sensitivity to yield, the rate of change of price with respect to yield or the percentage change in price for a parallel shift in yields.