Template-Type:ReDIF-Paper 1.0  
Title: Continuous-Time Term Structure Models
Author-Name: Musiela, Marek
Author-Name: Marek Rutkowski
Classification-JEL:G13
Keywords: term structure of interest rates, forward measure, martingale 
Abstract: pagehe problem of term structure of interest rates modelling is considered in a continuous-time framework.
	The emphasis is on the bond prices, forward bond prices or LIBOR rates, rather than on the instantaneous rates as in
	the traditional models. Forward and spot probability measures are introduced in this general setup. Two conditions of
	no-arbitrage are examined. A unique process of savings account implied by an arbitrage-free family of bond prices is
	identified. 
Creation-Date: 1996-06
Revision-Date: 
Handle: RePEc:bon:bonsfb:377
File-URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonsfb/bonsfb377.pdf
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