“Weakening expectations” is one of the difficulties in China’s high-quality economic development. It is necessary to improve expectations by optimizing the management of expectations. There are different types of expectations in the real economy. However, most of the existing research studies the macroeconomic effects of a single expectation (especially monetary policy expectation) shocks, and lacks a systematic and in-depth discussion on the superposition effect of different expectations. In this paper, expectations are divided into policy expectations (based on the government’s formulation, adjustment and implementation of macroeconomic policies) and non-policy expectations (based on the reality of social and economic development). It is believed that when policy expectations and non-policy expectations are consistent, the superposition of the two expected shocks will have a “progressive (regressive)” effect on policy effectiveness; when policy expectations and non-policy expectations are misaligned, the superposition of the two expected shocks will have an “offsetting” effect on policy effectiveness. For example, the implementation of the loose monetary policy and the corresponding expectation management will make the economic entities have good expectations for the future economy, and encourage them to take active investment and consumption behaviors, thereby improving the effectiveness of monetary policy; good technological progress in the real economy will make the economic subject form the expectation of future economic prosperity, and promote the adoption of positive innovation, investment, and consumption behavior, which will ultimately be manifested in the improvement of the effectiveness of monetary policy; the superposition of the two positive expectations will further enhance the effectiveness of the loose monetary policy. The monetary policy adjustment index and total factor productivity are used to describe the expected shock of monetary policy and technological progress, and the DSGE model and the SV-TVP-FAVAR model are used to conduct simulation analysis and empirical test on the effectiveness of monetary policy under four scenarios, namely, “no expected shock”, “expected shock of monetary policy”, “expected shock of technological progress” and “dual expected shocks of monetary policy and technological progress”. The results show that both expected shocks enhance the effectiveness of monetary policy and form a superimposed “progressive” effect on the whole. Compared with the existing literature, this paper has made the following improvements and extensions. Firstly, based on policy expectations and non-policy expectations, this paper explores the superposition effect of monetary policy and expected shocks of technological progress. Secondly, this paper uses the monetary policy regulation index and avoids the “either/or” choice of quantitative and priced instruments in previous studies. Thirdly, the SV-TVP-FAVAR model is applied to provide empirical evidence on the macroeconomic effects of expected shocks to monetary policy and technological progress. The research in this paper shows that expectation management is a systematic project, and it is necessary to construct and improve the macro-control expectation management system. It is necessary to correctly understand the coincidence and dislocation between policy expectations and non-policy expectations, use policy expectations to strengthen (weaken) positive (negative) non-policy expectations, and optimize the way matching and term combination between various expectations management; the optimization of policy expectation management should improve the synergy between various policy adjustments and improve the policy information transmission mechanism; to optimize the management of non-policy expectations, it is necessary to improve the macroeconomic information transmission mechanism and improve the market environment. Moreover, to improve the management of monetary policy expectations, it is necessary to improve the rationality and appropriateness of policy adjustment and the use of tools, and to continuously improve the central bank’s communication, forward-looking guidance and other expectations management methods to achieve timely and effective policy information transmission.