A Markov-functional construction with a level-dependent drift on a flow variable calibrates time-homogeneous or continuous local volatility models to a discrete set of marginals.
and Verma, A., Reconstructing the unknown local volatility function, Journal of Computational Finance, Vol
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Markov-Functional Models with Local Drift
A Markov-functional construction with a level-dependent drift on a flow variable calibrates time-homogeneous or continuous local volatility models to a discrete set of marginals.