Based on our generalization of the Goulian-Li continuation in the power of the 2D cosmological term we construct the two and three-point correlation functions for Liouville exponentials with generic real coefficients. As a strong argument in favour of the procedure we prove the Liouville equation of motion on the level of three-point functions. The analytical structure of the correlation functions as well as some of its consequences for string theory are discussed. This includes a conjecture on the mass shell condition for excitations of noncritical strings. We also make a comment concerning the correlation functions of the Liouville field itself. (orig.)SIGLEAvailable from TIB Hannover: RA 2999(94-066) / FIZ - Fachinformationszzentrum Karl...