পদ্ধতির তুলনা করুন

	হাল-হোয়াইট মডেল	HJM ফ্রেমওয়ার্ক
ক্ষেত্র	পরিমাণগত অর্থায়ন	পরিমাণগত অর্থায়ন
পরিবার	Regression model	Regression model
উদ্ভবের বছর	1990	1992
প্রবর্তক	John C. Hull and Alan White	David Heath, Robert Jarrow, and Andrew Morton
ধরন	Interest Rate Model	Interest Rate Framework
মৌলিক উৎস	Hull, J., & White, A. (1990). Pricing interest-rate-derivative securities. Review of Financial Studies, 3(4), 573-592.	Heath, D., Jarrow, R. A., & Morton, A. (1992). Bond pricing and the term structure of interest rates: A new methodology for contingent claims valuation. Econometrica, 60(1), 77-105.
অপর নাম	Extended Vasicek, Generalized Vasicek	Forward Rate Model, No-Arbitrage Drift Condition
সম্পর্কিত	4	4
সারসংক্ষেপ	The Hull-White model (1990) is a one-factor short-rate model with time-dependent mean reversion and volatility, designed to fit the initial yield curve exactly. It generalizes the Vasicek model to allow better calibration to observed bond and derivative prices, and is widely used for pricing interest rate exotics and managing interest rate risk.	The Heath-Jarrow-Morton (HJM) framework (1992) is a general no-arbitrage approach to modeling the entire term structure of forward rates. Unlike short-rate models, HJM works directly with forward rates f(t,T) and specifies their volatility; the drift is then determined by arbitrage constraints. This flexibility enables multi-factor modeling and accurate calibration to swaption matrices.