diff --git a/matlab/print_expectations.m b/matlab/print_expectations.m
index 30dc3624f..b0ea4287a 100644
--- a/matlab/print_expectations.m
+++ b/matlab/print_expectations.m
@@ -281,7 +281,9 @@ if isequal(expectationmodelkind, 'pac-expectations') && growth_correction
         lgrowth = expectationmodel.growth_lag;
       otherwise
     end
-    vgrowth = rewritegrowthvariable(vgrowth, lgrowth, M_);
+    if ismember(expectationmodel.growth_type, {'endogenous','exogenous'})
+        vgrowth = rewritegrowthvariable(vgrowth, lgrowth, M_);
+    end
     fprintf(fid, '%s*%s', pgrowth, vgrowth);
     fclose(fid);
     fprintf('Growth neutrality correction is saved in %s.\n', filename);
@@ -400,7 +402,9 @@ for i=1:maxlag
                     lgrowth = expectationmodel.growth_lag;
                   otherwise
                 end
-                vgrowth = rewritegrowthvariable(vgrowth, lgrowth, M_);
+                if ismember(expectationmodel.growth_type, {'endogenous','exogenous'})
+                    vgrowth = rewritegrowthvariable(vgrowth, lgrowth, M_);
+                end
                 if parameter>=0
                     expression = sprintf('%s*%s+%s*%s', num2str(pgrowth, '%1.16f'), vgrowth, num2str(parameter, '%1.16f'), variable);
                 else
diff --git a/tests/pac/var-5/substitution.mod b/tests/pac/var-5/substitution.mod
index 20ad29a56..41ae58da3 100644
--- a/tests/pac/var-5/substitution.mod
+++ b/tests/pac/var-5/substitution.mod
@@ -33,6 +33,8 @@ diff(x) = b_x_1*y(-2) + b_x_2*diff(x(-1)) + g*(1-b_x_2)  + ex ;
 
 [name='eq:pac']
 diff(z) = e_c_m*(x(-1)-z(-1)) + c_z_1*diff(z(-1))  + c_z_2*diff(z(-2)) +
+@#include "example/model/pac-expectations/eq0-pacman-growth-neutrality-correction.inc"
++
 @#include "example/model/pac-expectations/eq0-pacman-expression.inc"
 + ez;