The new growth theories with an emphasis on fundamental determinants such as institutions suggest a non-linear cross-country growth process. In this paper, we investigate the public debt and economic growth relationship using the semi-parametric smooth coefficient approach that allows democracy...

This paper aims to test whether equity returns are predictable over various horizons. We propose a reliable and powerful nonparametric test to examine the predictability of equity returns, which can be interpreted as a signal-to-noise ratio test. Our comprehensive in-sample and out-of-sample...