Let $T$ be a sectorial operator. It is known that the existence of a bounded (suitably scaled) $H^\infty$ calculus for $T$, on every sector containing the positive half-line, is equivalent to the existence of a bounded functional calculus on the Besov algebra $\Lambda_{\infty,1}^\alpha(\R^+)$. Such an algebra includes functions defined by Mikhlin-type conditions and so the Besov calculus can be seen as a result on multipliers for $T$. In this paper, we use fractional derivation to analyse in detail the relationship between $\Lambda_{\infty,1}^\alpha$ and Banach algebras of Mikhlin-type. As a result, we obtain a new version of the quoted equivalence.

Decompositions of spectral type are obtained for closed Hilbert space operators with empty resolvent set, but whose square has closure which is spectral. Krein space situations are also discussed.