diff --git a/matlab/dyn_forecast.m b/matlab/dyn_forecast.m
index 56f977318..21f377e1e 100644
--- a/matlab/dyn_forecast.m
+++ b/matlab/dyn_forecast.m
@@ -140,7 +140,7 @@ else
                             repmat(oo.exo_det_steady_state',...
                                    horizon- ... 
                                    exo_det_length,1)];
-    elseif horizon < exo_det_length 
+    elseif horizon <= exo_det_length 
         ex = zeros(exo_det_length,M.exo_nbr); 
     end
     if isequal(M.H,0)