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