diff --git a/matlab/ep/setup_stochastic_perfect_foresight_model_solver.m b/matlab/ep/setup_stochastic_perfect_foresight_model_solver.m
index 55e4d8a822d7c10769a5f668e2b974a6008a2203..2868196aba754ae53ba1d50c47932b0765a8ceb8 100644
--- a/matlab/ep/setup_stochastic_perfect_foresight_model_solver.m
+++ b/matlab/ep/setup_stochastic_perfect_foresight_model_solver.m
@@ -66,7 +66,9 @@ else
 end
 pfm.i_cols_j = 1:pfm.nd;
 pfm.i_upd = pfm.ny+(1:pfm.periods*pfm.ny);
-pfm.dynamic_model = str2func([DynareModel.fname,'.dynamic']);
+if ~DynareOptions.bytecode
+    pfm.dynamic_model = str2func([DynareModel.fname,'.dynamic']);
+end
 pfm.verbose = DynareOptions.ep.verbosity;
 pfm.maxit_ = DynareOptions.simul.maxit;
 pfm.tolerance = DynareOptions.dynatol.f;