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We introduce the Volterra calculus of pseudodifferential operators with an anisotropic analytic parameter based on "twisted" operator-valued Volterra symbols. We establish the properties of the symbolic and operational calculi, and we give and make use of explicit oscillatory integral formulas on the symbolic side. In particular, we investigate the kernel cut-off operator via direct oscillatory integral techniques purely on symbolic level. We discuss the notion of parabolic for the calculus of Volterra operators, and construct Volterra parametrices for parabolic operators within the calculus.
We construct algebras of Volterra pseudodifferential operators that contain, in particular, the inverses of the most natural classical systems of parabolic boundary value problems of general form. Parabolicity is determined by the invertibility of the principal symbols, and as a result is equivalent to the invertibility of the operators within the calculus. Existence, uniqueness, regularity, and asymptotics of solutions as t → ∞ are consquences of the mapping properties of the operators in exponentially weighted Sobolev spaces and subspaces with asymptotics. An important aspect of this work is that the microlocal and global kernel structure of the inverse operator (solution operator) of a parabolic boundary value problem for large times is clarified. Moreover, our approach naturally yields qualitative pertubation results for the solvability theory of parabolic boundary value problems. To achieve these results, we assign t = ∞ the meaning of a conical point and treat the operators as totally characteristic pseudodifferential boundary value problems.