diff --git a/matlab/perfect-foresight-models/make_ex_.m b/matlab/perfect-foresight-models/make_ex_.m
index c3272c7e2..a6881079e 100644
--- a/matlab/perfect-foresight-models/make_ex_.m
+++ b/matlab/perfect-foresight-models/make_ex_.m
@@ -90,7 +90,7 @@ if isfield(M_, 'det_shocks')
             if ~M_.det_shocks(i).multiplicative
                 oo_.exo_simul(k,ivar) = v;
             else
-                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) * v;
+                oo_.exo_simul(k,ivar) = oo_.exo_simul(k,ivar) .* v;
             end
         else
             if ~M_.det_shocks(i).multiplicative