Abstract
T is paper is concerned with some problems in the analysis of international cyclical effects upon an economy for which variation in the commodity terms of trade is substantial. The discussion is divided into three sections. Section I deals with the difficulties of incorporating both price and income effects into a simple explanation of cyclical adjustment. Section [I applies the analysis to the data for New Zealand during the depression of the 1930's. Section III offers tentative conclusions about the proper interpretation to be placed upon the New Zealand case.
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