Heat the olive oil in a large pot over medium heat.
Brown the beef chunks in batches, then set aside.
In the same pot, sauté the onion until softened. Add the garlic and cook for 1 minute.
Return the beef to the pot and add the beef broth, thyme, rosemary, tomato paste, and bay leaves.
Bring to a boil, then reduce heat and simmer for 1.5 hours.
Add the carrots, parsnips, potatoes, and celery. Continue to simmer for another 30 minutes, or until the vegetables and beef are tender.
Season with salt and black pepper to taste before serving.