In a previous work (Otazu et al., 2008) we showed how several brightness induction effects can be predicted using a simple multiresolution wavelet model (BIWaM). Here we present a new model for chromatic induction processes (termed Chromatic Induction Wavelet Model or CIWaM), which is also implemented on a multiresolution framework and based on similar assumptions related to the spatial frequency and the contrast surround energy of the stimulus. The CIWaM can be interpreted as a very simple extension of the BIWaM to the chromatic channels, which in our case are defined in the MacLeod-Boynton (lsY) color space. This new model allows us to unify both chromatic assimilation and chromatic contrast effects in a single mathematical formulation. The predictions of the CIWaM were tested by means of several color and brightness induction experiments, which showed the existence of an acceptable agreement between model predictions and psychophysical data.