This paper presents direct, non-parametric microeconomic evidence on pricing behavior and evaluates the findings in light of theories of nominal price rigidity. The main issues examined include the durability of price quotations and the size of price changes. The analysis is based on a unique high-frequency panel data set of consumer prices recorded in 1993–1996 in Hungary. The results indicate that price adjustment patterns in the sample are primarily consistent with implications of two-sided (S,s) pricing models. Copyright © 2007 John Wiley & Sons, Ltd. ABSTRACT FROM AUTHORCopyright of Managerial & Decision Economics is the property of John Wiley & Sons, Inc. / Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)