While Iterative Back-Translation and Dual Learning effectively incorporate monolingual training data in neural machine translation, they use different objectives and heuristic gradient approximation strategies, and have not been extensively compared. We introduce a novel dual reconstruction objective that provides a unified view of Iterative Back-Translation and Dual Learning. It motivates a theoretical analysis and controlled empirical study on German-English and Turkish-English tasks, which both suggest that Iterative Back-Translation is more effective than Dual Learning despite its relative simplicity.