2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/208867The Heath-Jarrow-Morton (HJM) formulation of treasury bonds in terms of forward rates is recast as a problem in path integration. The HJM-model is generalized to the case where all the forward rates are allowed to fluctuate independently. The resulting theory is shown to be a two-dimensional Gaussian quantum field theory. The no arbitrage condition is obtained and a functional integral derivation is given for the price of a futures and an options contract.29 pages, 4 figuresSoft Condensed MatterPricing of Securitiestext