Under the HJM framework,forward interest rate term structure can be decomposed into two compo- nent functions:one can represent the observed initial forward rate curve;the other is the dynamic evolution of forward rate.Because they have the same parameters,it can simplify the practical implementation of a class of HJM models which allow the parameters of the model to be estimated from the initial forward rate function.In order to accurately fit the shape of forward rate curve,the paper introduce...