Bandingkan kaedah

	Model Hull-White	Rangka HJM
Bidang	Kewangan Kuantitatif	Kewangan Kuantitatif
Keluarga	Regression model	Regression model
Tahun asal	1990	1992
Pengasas	John C. Hull and Alan White	David Heath, Robert Jarrow, and Andrew Morton
Jenis	Interest Rate Model	Interest Rate Framework
Sumber perintis	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.
Alias	Extended Vasicek, Generalized Vasicek	Forward Rate Model, No-Arbitrage Drift Condition
Berkaitan	4	4
Ringkasan	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.