Abstract: An elliptic theory is constructed for operators acting in subspaces defined via odd pseudodifferential projections. Subspaces of this type arise as Calderon subspaces for first order elliptic differential operators on manifolds with boundary, or as spectral subspaces for self-adjoint elliptic differential operators of odd order. Index formulas are obtained for operators in odd subspaces on closed manifolds and for general boundary value problems. We prove that the eta-invariant of operators of odd order on even-dimesional manifolds is a dyadic rational number.
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