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Kerem Cosar, Nezih Guner, James Tybout The informal sector accounts for a large part of the economy in most developing countries, yet it is understudied in economics. The informal sector captures, broadly speaking, all activities that are invisible to the government: operations of firms that are not registered with tax authorities and/or the employment of workers who are not covered by labour market regulations and do not receive benefits or severance payments when laid off. Recent empirical work that has studied trade liberalisation episodes in developing countries suggests that shifts into and out of informality constitute important margins of labour market adjustment to economic shocks (Goldberg and Pavcnik 2003, 2018, McCaig and Pavcnik 2018, Dix-Carneiro and Kovak 2019, Ponczek and Ulyssea 2020). Notwithstanding this recent body of research, we know little about the overall labour market and welfare effects of trade liberalisation and other economic shocks in settings characte

Republic ofUnited statesWorld bankDistrict of columbiaJournal of international economicsJournal of development economicsFirm dynamicsWorld developmentJob turnoverWage distributionsAmerican economic reviewLabor market adjustmentInternational economicsLabor market frictionsDevelopment economicsLabor allocation