We show that the property of a standard graded algebra R being Cohen-Macaulay is characterized by the existence of a pure Cohen-Macaulay R-module corresponding to any degree sequence of length at most depth(R). We also give a relation in terms of graded Betti numbers, called the Herzog-Kuhl equations, for a pure R-module M to satisfy the condition dim(R) - depth(R) = dim(M) - depth(M). When R is Cohen-Macaulay, we prove an analogous result characterizing all graded Cohen-Macaulay R-modules.