diff --git a/doc/dynare.texi b/doc/dynare.texi
index 1ab025113..2462b1d78 100644
--- a/doc/dynare.texi
+++ b/doc/dynare.texi
@@ -5667,7 +5667,7 @@ This command accepts the same options than @code{ramsey_policy}, plus:
 Sets the tolerance level used to assess convergence of the solution
 algorithm. Default: @code{1e-7}.
 
-@item solve_maxit = @var{INTEGER}
+@item maxit = @var{INTEGER}
 Maximum number of iterations. Default: @code{3000}.
 
 @end table
diff --git a/matlab/global_initialization.m b/matlab/global_initialization.m
index d06a054d9..8154c5bac 100644
--- a/matlab/global_initialization.m
+++ b/matlab/global_initialization.m
@@ -55,7 +55,10 @@ options_.qz_zero_threshold = 1e-6;
 options_.lyapunov_complex_threshold = 1e-15;
 options_.solve_tolf = eps^(1/3);
 options_.solve_tolx = eps^(2/3);
-options_.solve_maxit = 500;
+
+options_.dp.maxit = 3000;
+options_.steady.maxit = 10;
+options_.simul.maxit = 10;
 
 options_.mode_check.status = 0;
 options_.mode_check.neighbourhood_size = .5;
diff --git a/preprocessor/DynareBison.yy b/preprocessor/DynareBison.yy
index 5207b3a04..621a092b5 100644
--- a/preprocessor/DynareBison.yy
+++ b/preprocessor/DynareBison.yy
@@ -111,7 +111,7 @@ class ParsingDriver;
 %token KALMAN_ALGO KALMAN_TOL SUBSAMPLES OPTIONS TOLF
 %token LAPLACE LIK_ALGO LIK_INIT LINEAR LOAD_IDENT_FILES LOAD_MH_FILE LOAD_PARAMS_AND_STEADY_STATE LOGLINEAR LYAPUNOV
 %token LYAPUNOV_FIXED_POINT_TOL LYAPUNOV_DOUBLING_TOL LYAPUNOV_SQUARE_ROOT_SOLVER_TOL LOG_DEFLATOR LOG_TREND_VAR LOG_GROWTH_FACTOR MARKOWITZ MARGINAL_DENSITY MAX MAXIT
-%token MFS MH_DROP MH_INIT_SCALE MH_JSCALE MH_MODE MH_NBLOCKS MH_REPLIC MH_RECOVER MIN MINIMAL_SOLVING_PERIODS SOLVE_MAXIT
+%token MFS MH_DROP MH_INIT_SCALE MH_JSCALE MH_MODE MH_NBLOCKS MH_REPLIC MH_RECOVER MIN MINIMAL_SOLVING_PERIODS
 %token MODE_CHECK MODE_CHECK_NEIGHBOURHOOD_SIZE MODE_CHECK_SYMMETRIC_PLOTS MODE_CHECK_NUMBER_OF_POINTS MODE_COMPUTE MODE_FILE MODEL MODEL_COMPARISON MODEL_INFO MSHOCKS ABS SIGN
 %token MODEL_DIAGNOSTICS MODIFIEDHARMONICMEAN MOMENTS_VARENDO DIFFUSE_FILTER SUB_DRAWS
 %token <string_val> NAME
@@ -878,7 +878,7 @@ steady_options : o_solve_algo
                | o_homotopy_steps
                | o_homotopy_force_continue
                | o_markowitz
-               | o_maxit
+               | o_steady_maxit
                | o_nocheck
                ;
 
@@ -922,7 +922,7 @@ simul_options : o_periods
               | o_stack_solve_algo
               | o_markowitz
               | o_minimal_solving_periods
-              | o_maxit
+              | o_simul_maxit
               ;
 
 external_function : EXTERNAL_FUNCTION '(' external_function_options_list ')' ';'
@@ -1729,7 +1729,7 @@ discretionary_policy_options_list : discretionary_policy_options_list COMMA disc
 
 discretionary_policy_options : ramsey_policy_options 
                              | o_discretionary_tol;
-                             | o_solve_maxit;
+                             | o_dp_maxit;
                              ;
 
 ramsey_policy_options_list : ramsey_policy_options_list COMMA ramsey_policy_options
@@ -2266,10 +2266,11 @@ o_periods : PERIODS EQUAL INT_NUMBER { driver.option_num("periods", $3); };
 o_solver_periods : SOLVER_PERIODS EQUAL INT_NUMBER { driver.option_num("ep.periods", $3); };
 o_extended_path_order : ORDER EQUAL INT_NUMBER { driver.option_num("ep.stochastic.order", $3); };
 o_hybrid : HYBRID { driver.option_num("ep.stochastic.hybrid_order", "2"); };
-o_maxit : MAXIT EQUAL INT_NUMBER { driver.option_num("maxit_", $3); };
+o_steady_maxit : MAXIT EQUAL INT_NUMBER { driver.option_num("steady.maxit", $3); };
+o_simul_maxit : MAXIT EQUAL INT_NUMBER { driver.option_num("simul.maxit", $3); };
+o_dp_maxit : MAXIT EQUAL INT_NUMBER { driver.option_num("dp.maxit", $3); };
 o_osr_maxit : MAXIT EQUAL INT_NUMBER { driver.option_num("osr.maxit", $3); };
 o_osr_tolf : TOLF EQUAL non_negative_number { driver.option_num("osr.tolf", $3); };
-o_solve_maxit : SOLVE_MAXIT EQUAL INT_NUMBER { driver.option_num("solve_maxit", $3); };
 o_cutoff : CUTOFF EQUAL non_negative_number { driver.cutoff($3); };
 o_markowitz : MARKOWITZ EQUAL non_negative_number { driver.option_num("markowitz", $3); };
 o_minimal_solving_periods : MINIMAL_SOLVING_PERIODS EQUAL non_negative_number { driver.option_num("minimal_solving_periods", $3); };
diff --git a/preprocessor/DynareFlex.ll b/preprocessor/DynareFlex.ll
index e40450354..b045719c5 100644
--- a/preprocessor/DynareFlex.ll
+++ b/preprocessor/DynareFlex.ll
@@ -424,7 +424,6 @@ string eofbuff;
 <DYNARE_STATEMENT>max_block_iterations {return token::MAX_BLOCK_ITERATIONS;}
 <DYNARE_STATEMENT>max_repeated_optimization_runs {return token::MAX_REPEATED_OPTIMIZATION_RUNS;}
 <DYNARE_STATEMENT>maxit {return token::MAXIT;}
-<DYNARE_STATEMENT>solve_maxit {return token::SOLVE_MAXIT;}
 <DYNARE_STATEMENT>function_convergence_criterion {return token::FUNCTION_CONVERGENCE_CRITERION;}
 <DYNARE_STATEMENT>parameter_convergence_criterion {return token::PARAMETER_CONVERGENCE_CRITERION;}
 <DYNARE_STATEMENT>number_of_large_perturbations {return token::NUMBER_OF_LARGE_PERTURBATIONS;}