  In this paper we develop a framework for discretely compounding interest
rates which is based on the forward price process approach. This approach has a
number of advantages, in particular in the current market environment. Compared
to the classical as well as the L\'evy Libor market model, it allows in a
natural way for negative interest rates and has superb calibration properties
even in the presence of extremely low rates. Moreover, the measure changes
along the tenor structure are simplified significantly. These properties make
it an excellent base for a post-crisis multiple curve setup. Two variants for
multiple curve constructions are discussed. Time-inhomogeneous L\'evy processes
are used as driving processes. An explicit formula for the valuation of caps is
derived using Fourier transform techniques. Based on the valuation formula, we
calibrate the two model variants to market data.
