Macroeconomic policy is the main tool of macroeconomic regulation and control, and the economic cycle fluctuation is the basis and target of macroeconomic regulation and control. This book systematically discusses the theoretical basis of macroeconomic policy and economic policy effect test method, and test the effectiveness of economic policies in the short cycle, the dynamic characteristics of the economic structure and the macro-control mode test in the long-term process of economic growth. This book also fully describe and examine China's monetary policy and fiscal policy transmission mechanism and effectiveness of important stylized facts given China's macroeconomic fluctuations and economic policy mechanism, to judge the economic situation, economic policy provides an important reference and decision suggestions.