Resonance enhancement of one-phonon, two-phonon, and two-magnon Raman scattering in a general, exactly solvable, multiband model is explained in a way that is in accordance with the general analytical properties of the total optical conductivity tensor. Using this approach, the charge-transfer limit of the Emery three-band model is examined to explain resonance enhancement of the two-magnon Raman spectra of high-T c cuprates, which is found in experiments to be of 3 orders of magnitude. While previous Raman and optical conductivity analyzes of the cuprates, based on the single-band Hubbard model, are found to be consistent with the picture where one hole per one CuO 2 unit is localized on the Cu ion, the present three-band approach allows the study of the opposite, strong copper-oxygen hybridization limit, which is found to be in agreement with the results of nuclear magnetic resonance (NMR) and one-phonon Raman scattering experiments. Copyright