Do you expect the correlation between parent and child wages to increase or decrease in a response to a typical recession? How do you expect the correlation between parent and child wages to change in response to the COVID-19 Recession? Suppose latent ability formation depends both on money and on the parent's latent ability. Do you expect the students induced to attend college by a reces- sion to have children that will eventually also attend college, and what are the implications of this for mobility?