We show that the generating function for the higher Weil–Petersson volumes of the moduli spaces of stable curves with marked points can be obtained from Witten’s free energy by a change of variables given by Schur polynomials. Since this generating function has a natural extension to the moduli space of invertible Cohomological Field Theories, this suggests the existence of a “very large phase space”, correlation functions on which include Hodge integrals studied by C. Faber and R. Pandharipande....