How is a Yubikey static password derived from the AES key?
The password is the result of encrypting the fields used for OTP, but with fixed values:

me@mine:~$ ykparse 00000000000000000000000000000000 ncejelrjvjvvciclerknrlihnteljrcb
Input:
  token: ncejelrjvjvvciclerknrlihnteljrcb
          b0 38 3a c8 f8 ff 07 0a 3c 9b ca 76 bd 3a 8c 01 
  aeskey: 00000000000000000000000000000000
          00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 
Output:
          00 00 00 00 00 00 ff ff ff ff ff ff ff ff 0f 2e 

Struct:
  uid: 00 00 00 00 00 00 
  counter: 65535 (0xffff)
  timestamp (low): 65535 (0xffff)
  timestamp (high): 255 (0xff)
  session use: 255 (0xff)
  random: 65535 (0xffff)
  crc: 11791 (0x2e0f)

Derived:
  cleaned counter: 32767 (0x7fff)
  modhex uid: cccccccccccc
  triggered by caps lock: yes
  crc: F0B8
  crc check: ok


This can be reproduced with OpenSSL:

me@mine:~$ key=00000000000000000000000000000000
me@mine:~$ fixed='\x00\x00\x00\x00\x00\x00\xff\xff\xff\xff\xff\xff\xff\xff\x0f\x2e'
me@mine:~$ modhex -h $(echo -ne "$fixed" | openssl enc -aes128 -nopad -K $key -iv "" \
                       | hexdump -v -e '/1 "%02x"')
ncejelrjvjvvciclerknrlihnteljrcb


You can't quite reproduce it with ykgenerate because that tool always includes a genuinely unpredictable random: field.