The research paper "Digital central bank money: Why does nobody dare to take the first step?" by Luzie Thiel and Jochen Michaelis has been published in Vierteljahrshefte zur Wirtschaftsforschung

In the research paper "Digital central bank money: Why is no one daring to take the first step?", Luzie Thiel and Jochen Michaelis look at the reasons why no central bank in the industrialized nations has yet issued digital central bank money (Central Bank Digital Currency, or CBDC for short), even though intensive research has been conducted on the topic for around six years. 

The article was published at the end of 2023 in the journal Vierteljahrshefte zur Wirtschaftsforschung (Volume 92, Issue 3) by DIW Berlin.

Here you can find a German and English summary of the article:

Abstract: Despite around six years of intensive research, no central bank in the industrialized nations has yet introduced central bank digital currency (CBDC). In this article, we look at the reasons why. We provide a brief overview of the current status of the research projects, which features are proving to be particularly critical and the economic impact. We focus on the substitution relationship between CBDC and existing liquid assets, the potential risks and opportunities for financial market stability and the potential macroeconomic implications. It turns out that neither the theoretical nor the empirical studies come to a uniform conclusion about the likely effects. Despite all the uncertainties, we summarize: In 10 years, CBDCs will be established worldwide.

Summary: Despite about six years of intensive research, no central bank in the industrialized world has yet introduced central bank digital currency (CBDC). In this article, we look at the reasons. We provide a brief overview of the current state of research projects, which features stand out as particularly critical, and the economics of impact. We focus on the substitution relationship of CBDC and previously existing liquid assets, the potential risks and opportunities for financial stability, and the potential macroeconomic implications. It turns out that neither the theoretical nor empirical studies come to a consistent conclusion about the likely impact. Despite all the uncertainties, we sum up: In 10 years, CBDCs will be established worldwide.