In [33], we studied the constraint problem for two-dimensional quantum gravity in the conformal gauge. In this gauge, we proposed an ansatz for the gravitational sector. Using this ansatz, we established a striking connection between the matrix models and continuum 2D gravity. We also announced several results on semi-infinite homology of the Virasoro algebra with coefficients in a suitable class of positive energy modules. In this article, we will provide details of the proof of the announced results.