This article focuses on analyzing the leading macroeconomic trends and policies in Cuba from 1985 to 2013. Five macroeconomic indexes were estimated using dynamic factor models. The estimated indexes show that, on average, fiscal policy was procyclical while monetary policy was countercyclical. The analysis suggests that pending monetary reform could create negative pressure on goods production and on households' living conditions, which could not be mitigated by an expansionary fiscal policy. Instead, the negative effects of such shocks can be mitigated through greater international openness.