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The parabolic algebra on Banach spaces

The parabolic algebra was introduced by Katavolos and Power, in 1997, as the operator algebra acting on $L^2(R)$ that is weakly generated by the translation and multiplication semigroups. In particular, they proved that this algebra is reflexive and is equal to the Fourier binest algebra, that is, to the algebra of operators that leave invariant the subspaces of the Volterra nest and its analytic counterpart. We prove that a similar result holds for the corresponding algebras acting on $L^p(R)$, where $1<p<\infty$. It is also shown that the reflexive closures of the Fourier binests on $L^p(R)$ are all order isomorphic for $1 < p < \infty$.