In a large bowl, mix together the flour, salt, and pepper. Toss the beef in the flour mixture to coat.
In a large pot or Dutch oven, heat the olive oil over medium-high heat. Add the beef and brown on all sides. Remove the beef from the pot and set aside.
Add the onion and garlic to the pot and cook until softened.
Stir in the beef broth, red wine, tomato paste, bay leaves, and thyme. Add the beef back to the pot and bring to a boil.
Reduce the heat to low, cover the pot and simmer for 2-3 hours, or until the beef is tender.
Add the carrots, celery, and potatoes, and continue to simmer for an additional 30-45 minutes, or until the vegetables are tender.
Remove the bay leaves and discard. Taste and adjust seasoning if necessary.
Serve hot and garnish with chopped parsley, if desired.