<r>You might look at p.14 of this journal:<URL url="http://www.soa.org/library/newsletters/risk-management-newsletter/2009/september/jrm-2009-iss17.pdfIs"><LINK_TEXT text="http://www.soa.org/library/newsletters/ ... ss17.pdfIs">http://www.soa.org/library/newsletters/risk-management-newsletter/2009/s...

<t>The most general use of the term duration would be the % change in price for a 100bp move in interest rates, where the sign is positive if the price moves opposite the direction of interest rates and negative if the price moves the same direction as interest rates.This is basically "effective dur...