The Heath-Jarrow-Morton framework is a general framework to model the evolution of interest rates (forward rates in particular) for risk management in general and asset liability management in particular. The HJM framework originates from the work of David Heath, Robert A. Jarrow and A. Morton in the late 1980s, especially Bond pricing and the term structure of interest rates: a new methodology (1987) -- working paper, Cornell University, and Bond pricing and the term structure of interest rates: a new methodology (1989) -- working paper (revised ed.), Cornell University.
