[and have] slow-moving influences on both aggregate demand and supply.” 2 This definition corresponds reasonably closely with the (possibly timevarying) intercept of a Taylor-type rule in that the standard arguments of the  1  See Yellen (2015a), paragraph 15 and footnote 4. See Yellen (2015a), footnote 4.
Other definitions of the neutral rate used by the Chair in her public communications include the short-term real interest rate “that would be neither expansionary nor contractionary if the economy was operating near potential” (Yellen, 2015c, 2016) and the short-term real interest rate “that would be consistent with real GDP expanding in line with potential” (Yellen, 2015b).