This article derives a new formula for the yield elasticity of bond price. The formula provides accurate results without resorting to complex mathematics, and gives new meaning to the concept of duration in fixed-income analysis

Multiple interest rate analysis (MIRA) is the study of all interest rate solutions to the time value of money (TVM) equation. These solutions include not only the orthodox solution produced by a financial calculator or spreadsheet but also the unorthodox solutions that a typical financial...