what are some different types of duration 
a bond s duration can be interpreted in several ways macaulay duration is the weighted average time to receive all the bond s cash flows and is expressed in years a bond s modified duration converts the macaulay duration into an estimate of how much the bond s price will rise or fall with a 1 change in the yield to maturity dollar duration measures the dollar change in a bond s value to a change in the market interest rate providing a straightforward dollar amount computation given a 1 change in rates effective duration is a duration calculation for bonds that have embedded options 