. [that] fade away after a few years.” 1 The sort of disturbances being captured under the rubric of shifts in r* are thus rarer and more persistent than the usual business cycle phenomena and are associated with the “various adjustment processes that are unusually drawn out by historical standards . . .
[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.