We prove that a first-order linear differential operator
G with unbounded operator coefficients is Fredholm on spaces of functions on
R with values in a reflexive Banach space if and only if the corresponding strongly continuous evolution family has exponential dichotomies on both
R+ and
R− and a pair of the ranges of the dichotomy projections is Fredholm, and that the Fredholm index of
G is equal to the Fredholm index of the pair. The operator
G is the generator of the evolution semigroup associated with the evolution family. In the case when the evolution family is the propagator of a well-posed differential equation
u′(t)=A(t)u(t) with, generally, unbounded operators
A(t),tR, the operator
G is a closure of the operator
−+A(t). Thus, this paper provides a complete infinite-dimensional generalization of well-known finite-dimensional results by Palmer, and by Ben-Artzi and Gohberg.