{"product_id":"interest-rate-models-an-introduction-9780691118949","title":"Interest Rate Models: An Introduction","description":"\u003cp\u003eThe field of financial mathematics has developed tremendously over the past thirty years  and the underlying models that have taken shape in interest rate markets and bond markets  being much richer in structure than equity-derivative models  are particularly fascinating and complex. This book introduces the tools required for the arbitrage-free modelling of the dynamics of these markets. Andrew Cairns addresses not only seminal works but also modern developments. Refreshingly broad in scope  covering numerical methods  credit risk  and descriptive models  and with an approachable sequence of opening chapters  Interest Rate Models will make readers--be they graduate students  academics  or practitioners--confident enough to develop their own interest rate models or to price nonstandard derivatives using existing models.  The mathematical chapters begin with the simple binomial model that introduces many core ideas. But the main chapters work their way systematically through all of the main developments in continuous-time interest rate modelling. The book describes fully the broad range of approaches to interest rate modelling: short-rate models  no-arbitrage models  the Heath-Jarrow-Morton framework  multifactor models  forward measures  positive-interest models  and market models. Later chapters cover some related topics  including numerical methods  credit risk  and model calibration. Significantly  the book develops the martingale approach to bond pricing in detail  concentrating on risk-neutral pricing  before later exploring recent advances in interest rate modelling where different pricing measures are important.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":45647553069109,"sku":"ByrdShop_0691118949","price":92.2,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780691118949.jpg?v=1781692676","url":"https:\/\/atxbooks.com\/products\/interest-rate-models-an-introduction-9780691118949","provider":"ATX Books","version":"1.0","type":"link"}