diff --git a/matlab/initial_estimation_checks.m b/matlab/initial_estimation_checks.m
index 2df6dd3eb..b684fa1db 100644
--- a/matlab/initial_estimation_checks.m
+++ b/matlab/initial_estimation_checks.m
@@ -310,6 +310,10 @@ if DynareOptions.mh_tune_jscale.status && (DynareOptions.mh_tune_jscale.maxiter<
     warning('You specified mh_tune_jscale, but the maximum number of iterations is smaller than the step size. No update will take place.')
 end
 
+if ~isempty(DynareOptions.conditional_variance_decomposition) && ~DynareOptions.moments_varendo
+    disp('The conditional_variance_decomposition-option will be ignored. You need to set moments_varendo');
+end
+
 function evaluate_expression(expression,M_,oo_)
 % function evaluate_expression(expression,M_,oo_)
 %evaluates expressions relying on M_ and oo_ having their original names