Contents -- I. Introduction -- II. The Commodity Terms of Trade -- III. Identifying Commodity Booms and Busts -- IV. The Consequences of Commodity Booms and Busts -- V. Conclusions -- VI. References -- Tables -- 1. The Distribution of Booms Across Periods and Regions: Some Summary Statistics -- 2. The Distributions of Busts Across Periods and Regions: Some Summary Statistics -- 3. Descriptive Tests of Amplitude and Duration of Booms and Busts -- 4. The Most Recent Episodes of Booms and Busts -- 5. Macroeconomic Performance During Booms and Busts -- 6. Comparative Tests of Macroeconomic Performance During Booms and Busts -- 7. Macroeconomic Performance in the Latest Boom Relative to the Past -- Figures -- 1. Commodity Price Aggregates -- 2. Commodity Terms of Trade -- 3. Commodity Terms of Trade by Region -- 4. Commodity Terms of Trade: Fuel Exporters -- 5. Commodity Terms of Trade: Non-Fuel Commodity Exporters -- 6. Commodity Terms of Trade: Other Countries -- 7. Commodity Prices and Terms of Trade: Venezuela -- 8. Commodity Prices and Terms of Trade Papua New Guinea -- 9. Commodity Prices and Terms of Trade Mauritius -- 10. The Number of Countries Experiencing Booms and Busts in the Commodity Terms of Trade.