In the paper，spectral analysis is used to identify the dominant frequency domain of macroeconomic variables，and wavelets method is used to decompose these macroeconomic variables into low frequency，busi-ness cycle frequency and high frequency domain components． Finally，the effects of central bank communica-tion and the actual intervention in different frequency domains are studied based on SVAＲ model． Ｒesults show that China’s economic growth is dominated by the long-period low frequency variation，and that business cycle frequency variation plays the second role． However，none of the three monetary instruments works well in the low frequency domain． Instead，they only have desired effects on the business cycle frequency variation． Mean-while，inflation is dominated by business cycle frequency variation，and price-type monetary instruments and central bank communication work well in this frequency domain． Frequency domain heterogeneity of expected inflation is not significant． Central bank communication has ideal effects on low and business cycle frequency variations of expected inflation，which shows its prominent role in macroeconomic expectation management． Quantitative tools do not work well in regulating macro economy．