“…Stochastic simulation of multivariate streamflow data has been employed for the evaluation of alternative designs and operation rules for water resources systems. Various alternatives have been developed by hydrologists and statisticians with parametric (Salas et al , 1980; Stedinger and Taylor, 1982a,b; Fernandez and Salas, 1990; Salas, 1993) and nonparametric (Lall and Sharma, 1996; Vogel and Shallcross, 1996; Ouarda et al , 1997; Salas and Lee, 2010) frameworks as well as their combined version (Koutsoyiannis, 2000; Srinivas and Srinivasan, 2001; Kim and Valdes, 2005; Srinivas and Srinivasan, 2005a, 2006b; Lee and Ouarda, 2010). Multivariate Autoregressive Moving average (MARMA) (Stedinger et al , 1985; Brockwell and Davis, 2003) has been commonly used as a representative parametric approach of multivariate hydrologic datasets.…”