We present calculations of the absorption spectrum of semiconductors and insulators comparing various approaches: (i) the two-particle Bethe-Salpeter equation of Many-Body Perturbation Theory; (ii) time-dependent density-functional theory using a recently developed kernel that was derived from the Bethe-Salpeter equation; (iii) a scheme that we propose in the present work and that allows one to derive different parameter-free approximations to (ii). We show that all methods reproduce the series of bound excitons in the gap of solid argon, as well as continuum excitons in semiconductors. This is even true for the simplest static approximation, which allows us to reformulate the equations in a way such that the scaling of the calculations with number of atoms equals the one of the Random Phase Approximation.PACS numbers: 78.20.Bh, 71.15.Qe Time-dependent density-functional theory (TDDFT) [1] is more and more considered to be a promising approach for the calculation of neutral electronic excitations, even in extended systems [2,3]. In linear response, spectra are described by the Kohn-Sham independentparticle polarizability χ KS 0 and the frequency-dependent exchange-correlation (xc) kernel f xc . The widely used adiabatic local-density approximation [4,5] (TDLDA), with its static and short-ranged kernel, often yields good results in clusters but fails for absorption spectra of solids. Instead, more sophisticated approaches derived from Many-Body Perturbation Theory (MBPT) [6,7,8,9,10] have been able to reproduce, ab initio, the effect of the electron-hole interaction in extended systems, not least thanks to an explicit long-range contribution [6,11,12]. The latter strongly influences spectra like optical absorption or energy loss, especially for relatively small momentum transfer.Here we show that this kernel is even able to reproduce the hydrogen-like excitonic series in the photoemission gap of a rare gas solid. However the kernel has a strong spatial and frequency dependence, and its evaluation requires a significant amount of computer time. We therefore tackle the question of a parameter-free, but quick TDDFT calculation of excitonic effects in solids, which has been so far an unsolved problem, and show that a much more efficient formulation can indeed be achieved. In particular we demonstrate how it is possible for a wide range of materials to obtain good absorption spectra including excitonic effects with a static kernel leading in principle to a Random Phase Approximation (RPA)-like scaling of the calculation with the number of atoms of the system. Atomic units are used throughout the paper. The vectorial character of the quantities r, k, G, q (where k and q are vectors in the Brillouin zone, and G is a reciprocal lattice vector) is implicit. Only transitions of positive frequency (i.e. resonant contributions), which dominate absorption spectra, are considered throughout.Let us first concentrate on the absorption spectrum of solid argon. The low band dispersion, together with the small polarizability ...