diff --git a/Makefile.am b/Makefile.am
index 9bbc3e3..e8e322a 100644
--- a/Makefile.am
+++ b/Makefile.am
@@ -104,17 +104,13 @@ instantiate =						\
 
 # Instantiate templates.
 
-AM_V_INSTANTIATE = $(AM_V_INSTANTIATE_$(V))
-AM_V_INSTANTIATE_ = $(AM_V_INSTANTIATE_$(AM_DEFAULT_VERBOSITY))
-AM_V_INSTANTIATE_0 = @echo "  INSTANTIATE" $@;
-
 # Emit a 'chmod +x' command only if $@ matches one of the scripts.
 maybe_executable =					\
    $(subst $@,chmod +x $@,				\
       $(findstring $@,$(bin_SCRIPTS) $(sbin_SCRIPTS)))
 
 %: %.in Makefile
-	$(AM_V_INSTANTIATE)$(MKDIR_P) "`dirname address@hidden" ;	\
+	$(AM_V_GEN)$(MKDIR_P) "`dirname address@hidden" ;		\
 	$(SED) $(instantiate) < $< >$@ ;		\
 	$(maybe_executable)
 
@@ -124,19 +120,20 @@ modules/shepherd/config.scm: modules/shepherd/config.scm.in Makefile
 
 AM_V_GUILEC = $(AM_V_GUILEC_$(V))
 AM_V_GUILEC_ = $(AM_V_GUILEC_$(AM_DEFAULT_VERBOSITY))
-AM_V_GUILEC_0 = @echo "  GUILEC" $@;
+AM_V_GUILEC_0 = @echo "  GUILEC  " $@;
 
 # Make sure 'modules/shepherd/{config,system.scm}' are built first.
 # XXX: Use the C locale for when Guile lacks
 # <http://git.sv.gnu.org/cgit/guile.git/commit/?h=stable-2.0&id=e2c6bf3866d1186c60bacfbd4fe5037087ee5e3f>.
 %.go: %.scm $(templates:%.in=%)
 	$(AM_V_GUILEC)$(MKDIR_P) "`dirname "$@"`" ;	\
+	$(AM_V_P) && out=1 || out=- ;			\
 	LC_ALL=C					\
 	$(GUILD) compile --target="$(host)"		\
 	  -L "$(top_builddir)/modules"			\
 	  -L "$(top_srcdir)/modules"			\
 	  -Wformat -Wunbound-variable -Warity-mismatch	\
-	  -o "$@" "$<"
+	  -o "$@" "$<" >&$$out
 
 SUFFIXES = .go