diff --git a/matlab/dynare_config.m b/matlab/dynare_config.m
index 65a363999e235b69de81e35746aa57611fc8f828..fd43b0348023c9af9df1ca7a8d44bcf22733ddb2 100644
--- a/matlab/dynare_config.m
+++ b/matlab/dynare_config.m
@@ -123,6 +123,11 @@ if ~exist('struct2array')
     p{end+1} = '/missing/struct2array';
 end
 
+% isfile is missing in Octave and Matlab<R2017b
+if isoctave || matlab_ver_less_than('9.3')
+    p{end+1} = '/missing/isfile';
+end
+
 P = cellfun(@(c)[dynareroot(1:end-1) c], p, 'uni',false);
 
 % Get mex files folder(s)
diff --git a/matlab/utilities/general/isfile.m b/matlab/missing/isfile/isfile.m
similarity index 100%
rename from matlab/utilities/general/isfile.m
rename to matlab/missing/isfile/isfile.m