In a previous work (X. Otazu, M. Vanrell, & C. A. Párraga, 2008b), 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 an acceptable agreement between model predictions and psychophysical data.