Equivalence of BRST cohomologies for 2-d black hole and c=1 Liouville theory

We study the relation between the $SL(2,R)/U(1)$ black hole and the $c=1$ Liouville theory. A deformation, which interpolates the BRST operators of both models, is explicitly constructed. This interpolation is isomorphic, and the physical spectrum of the black hole is equivalent to that of the $c=1$ model tensored by a topological $U(1)/U(1)$ model. Some implications of the deformation are discussed.