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In this paper we propose a video traffic model based on a multifractal multiplicative cascade. In our proposal, we assume that the cascade multipliers can be efficiently described by autoregressive models in each cascade scale. This multiplicative cascade model with autoregressive process based multipliers is used for GOP (Group of Pictures) level traffic modeling as well as for frame level traffic modeling. Aiming to validate the model, we performed statistical and queue behavior analysis of the video traffic processes generated using the proposed model. We also verified the model performance in capturing the real MPEG-4 video traffic characteristics compared to other multifractal models.