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Abstract-This paper presents a novel stochastic channel model for multiple-input multiple-output (MIMO) wireless radio channels. In contrast to state-of-the-art stochastic MIMO channel models, the spatial correlation properties of the channel are not divided into separate contributions from transmitter and receiver. Instead, the joint correlation properties are modeled by describing the average coupling between the eigenmodes of the two link ends. The necessary and sufficient condition for the proposed model to hold is that the eigenbasis at the receiver is independent of the transmit weights, and vice versa. The authors discuss the mathematical elements of the model, which can be easily extracted from measurements, from a radio propagation point of view and explain the underlying assumption of the model in physical terms. The validation of the proposed model by means of measured data obtained from two completely different measurement campaigns reveals its ability to better predict capacity and spatial channel structure than other popular stochastic channel models.