Series representations for bivariate time-changed L{\'e}vy models

Abstract: In this paper, we analyze a L{'e}vy model based on two popular concepts - subordination and L{'e}vy copulas. More precisely, we consider a two-dimensional L{'e}vy process such that each component is a time-changed (subordinated) Brownian motion and the dependence between subordinators is described via some L{'e}vy copula. We prove a series representation for our model, which can be efficiently used for simulation purposes, and provide some practical examples based on real data

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