The Rabbins consequently suppose the prophecy to refer either to the three captivities, the Egyptian, the Babylonian, and the Roman, which has not ended yet; or to the three periods of the temple of Solomon, of that of Zerubbabel, and of the one to be erected by the Messiah. Many of the fathers, on the other hand, and many of the early Lutheran commentators, have found in them a prediction of the death of Christ and His resurrection on the third day. Compare, for example, <i>Calovii Bibl. illustr. ad h. l.</i>, where this allusion is defended by a long series of undeniably weak arguments, and where a fierce attack is made, not only upon Calvin, who understood these words as "referring to the liberation of Israel from captivity, and the restoration of the church after two days, i.e., in a very short time;" but also upon Grotius, who found, in addition to the immediate historical allusion to the Israelites, whom God would soon liberate from their death-like misery after their conversion, a foretype, in consequence of a special divine indication, of the time "within which Christ would recover His life, and the church its hope." But any direct allusion in the hope here uttered to the death and resurrection of Christ, is proved to be untenable by the simple words and their context. The words primarily hold out nothing more than the quickening of Israel out of its death-like state of rejection from the face of God, and that in a very short period after its conversion to the Lord.
-from <i>Keil & Delitzsch Commentary on the Old Testament</i>