  We present effective optical constants of stratified metal-dielectric
metameterial. The effective constants are determined by two complex
reflectivity method (TCRM). TCRM reveals full components of effective
permittivity and permeability tensors and indicates the remarkable anisotropy
of metallic and dielectric components below effective plasma frequency. On the
other hand, above the plasma frequency, one of the effective refractive indexes
takes a positive value less than unity and is associated with small loss. The
photonic states are confirmed by the distribution of electromagnetic fields.
