ABSTRACT. Let g be a Kac-Moody algebra defined by a not necessarily symmetrizable generalized Cartan matrix. We define translation functors and use them to show that the multiplicities (M(wi ■ A) : L(u>2 ■ A)) are independent of the dominant integral weight A, depending only on the elements of the Weyl group. In order to define the translation functors, we introduce the notion of local projective resolutions and use them to develop the machinery of homological algebra in certain categories of g-modules.