Effective duration percentage, effective, someone, change, please

dandman

please clarify:

I got this from book seven "the effective duration formula will calculate the percentage change for a 100 basis point change in yield, regardless of the actual change in rates used to derive BV- and BV+.

someone please clarify

sameeragarwal

effective duration by definition is %change in bond price for every 1% change in yield and is calculated as an average of %changes for the same amount of up and down shocks