Vertaile menetelmiä

	HJM-viitekehys	Hull-White Model
Tieteenala	Kvantitatiivinen rahoitus	Kvantitatiivinen rahoitus
Menetelmäperhe	Regression model	Regression model
Syntyvuosi	1992	1990
Kehittäjä	David Heath, Robert Jarrow, and Andrew Morton	John C. Hull and Alan White
Tyyppi	Interest Rate Framework	Interest Rate Model
Alkuperäislähde	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.	Hull, J., & White, A. (1990). Pricing interest-rate-derivative securities. Review of Financial Studies, 3(4), 573-592.
Rinnakkaisnimet	Forward Rate Model, No-Arbitrage Drift Condition	Extended Vasicek, Generalized Vasicek
Liittyvät	4	4
Tiivistelmä	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.	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.