keyup function with delay

This code will execute a function after the user has stopped typing for a time of 1000ms. Hence the function will not be called on each keyup event. Great!!!

jQuery(function() {

var delay = (function() {

var timer = 0;
return function(callback, ms) {

clearTimeout (timer);
timer = setTimeout(callback, ms); }
; }
)();
$('input').keyup(function() {

delay(function() {

alert('Time elapsed!'); }
, 1000 ); }
); }
);