# Macaulay Duration

*Markets & Instruments — Finicade finance glossary*

The weighted-average time until a bond's cash flows arrive, in years — the original meaning of 'duration'. Divide it by (1 + yield) and you get modified duration, the price-sensitivity version.

**Related terms:** [Duration](https://finicade.com/glossary/duration), [Modified Duration](https://finicade.com/glossary/modified-duration), [Convexity](https://finicade.com/glossary/convexity)

**Taught in:** Charter Climb — Duration & Convexity, Derived

Source: https://finicade.com/glossary/macaulay-duration