The Term Structure of Interest Rates as a Random Field
提出用随机场模型描述远期利率动态，相比多因子模型更简洁且避免重新校准的不一致性，推导了无套利条件下的漂移形式，并给出可处理模型的定价应用。
Forward rate dynamics are modeled as a random field. In contrast to multifactor models, random field models offer a parsimonious description of term structure dynamics, while eliminating the self-inconsistent practice of recalibration. The form of the drift of the instantaneous forward rate process necessary to preclude arbitrage under the risk-neutral measure is obtained. Forward risk-adjusted measures are identified and used to price a bond option when the forward volatility structure depends on the square root of the current spot rate. Several classes of tractable random field models are presented.