diff --git a/matlab/perfect-foresight-models/make_ex_.m b/matlab/perfect-foresight-models/make_ex_.m
index e445989523b597229e7b67bf5577413e52b2a3f0..02a2b6402a480853d0a7f89bba7333a636d584b2 100644
--- a/matlab/perfect-foresight-models/make_ex_.m
+++ b/matlab/perfect-foresight-models/make_ex_.m
@@ -86,7 +86,7 @@ if isfield(M_, 'det_shocks')
             if ~M_.det_shocks(i).multiplicative
                 oo_.exo_simul(k,ivar) = v;
             else
-                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) * v;
+                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) .* v;
             end
         else
             if ~M_.det_shocks(i).multiplicative