We give a definition of the spectral flow for continuous paths in the space of bounded and essentially hyperbolic operators. We provide a homotopical characterization of the spectral flow in terms of a group homomorphism of the fundamental group of the projectors of the Calkin algebra with the infinite cyclic group Z. This characterization helps us to exhibit examples of infinite-dimensional Banach spaces where the spectral flow is not injective nor surjective. We prove that a path with spectral flow equal to an integer m exists if and only if there exists a projector P connected by an arc to a projector Q such that Range(Q) has co-dimension m in Range(P). We prove that if A is an asymptotically hyperbolic and essentially splitting path the differential operator F(u) = du/dt - Au is Fredholm. Moreover if A is also essentially hyperbolic the Fredholm index coincides with minus the spectral flow of A.
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