Elephant renders macros each time a page is requested. Macros start with {@ special characters and expand into text or HTML code. Macros can even include content from a file, HTML page or JSP page. In order to understand what macros are for see what current macros do:
Macros can be nested, but take in mind that macros are written inline, in order to allow content inclusions. Thus, only macros that resolve to a string could be nested. Ex.
{@equals:{@user:id}:admin:Administering:Browsing}