We present an approach for the description of fluorescence from optically active materials embedded in layered periodic structures. Based on an exact electromagnetic Green's tensor analysis, we determine the radiative properties of emitters such as the local photonic density of states, Lamb shifts, linewidths, etc. for a finite or infinite sequence of thin alternating plasmonic and dielectric layers. In the effective-medium limit, these systems may exhibit hyperbolic dispersion relations so that the large wave-vector characteristics of all constituents and processes become relevant. These include the finite thickness of the layers, the nonlocal properties of the constituent metals, and local-field corrections associated with an emitter's dielectric environment. In particular, we show that the corresponding effects are nonadditive and lead to considerable modifications of an emitter's luminescence properties.