diff --git a/matlab/global_initialization.m b/matlab/global_initialization.m
index 5549ca8eface43111841593496a38d15c99bb18a..b1f304973601ec83330dd0bc5198968c6e6fd24e 100644
--- a/matlab/global_initialization.m
+++ b/matlab/global_initialization.m
@@ -326,6 +326,7 @@ options_.conditional_variance_decomposition = [];
 
 % Ramsey policy
 options_.ramsey_policy = 0;
+options_.instruments = [];
 options_.timeless = 0;
 
 % estimation