The pioneer of the duration concept was ________.

Name: The pioneer of the duration concept was ________.
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Frederick Macaulay is widely considered to be the pioneer of the duration concept. He published a paper in 1938 titled "Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields, and Stock Prices in the United States since 1856," in which he introduced the concept of duration as a measure of a bond's sensitivity to changes in interest rates.

The Pioneer of the Duration Concept Was ________