The study tested the Phillips Curve, a tool used to explain inflation dynamics, by using a New Keynesian DSGE model. They considered factors like nominal rigidities and various external shocks to understand their impact on inflation. The estimated hybrid Phillips Curve showed that expected inflation has a greater influence on current inflation than past inflation. The curve also indicated a gentle response of inflation to changes in real marginal costs. Price mark-up shocks were found to have a significant impact on inflation volatility, while monetary policy and technology shocks also played a role. Additionally, simulations showed that higher price stickiness led to a larger short-term inflation response, while lower price adjustment opportunities increased and prolonged inflation effects.