diff --git a/emacs/Makefile.local b/emacs/Makefile.local
index fb82247f..456700ac 100644
--- a/emacs/Makefile.local
+++ b/emacs/Makefile.local
@@ -22,6 +22,18 @@ emacs_images := \
 
 emacs_bytecode = $(emacs_sources:.el=.elc)
 
+# Because of defmacro's and defsubst's, we have to account for load
+# dependencies between Elisp files when byte compiling.  Otherwise,
+# the byte compiler may load an old .elc file when processing a
+# "require" or we may fail to rebuild a .elc that depended on a macro
+# from an updated file.
+$(dir)/.eldeps: $(dir)/Makefile.local $(dir)/make-deps.el $(emacs_sources)
+	$(call quiet,EMACS) --directory emacs -batch -l make-deps.el \
+		-f batch-make-deps $(emacs_sources) > $@.tmp && \
+		(cmp -s $@.tmp $@ || mv $@.tmp $@)
+-include $(dir)/.eldeps
+CLEAN+=$(dir)/.eldeps $(dir)/.eldeps.tmp
+
 %.elc: %.el $(global_deps)
 	$(call quiet,EMACS) --directory emacs -batch -f batch-byte-compile $<
 
diff --git a/emacs/make-deps.el b/emacs/make-deps.el
new file mode 100644
index 00000000..a1cd731f
--- /dev/null
+++ b/emacs/make-deps.el
@@ -0,0 +1,66 @@
+;; make-deps.el --- compute make dependencies for Elisp sources
+;;
+;; Copyright © Austin Clements
+;;
+;; This file is part of Notmuch.
+;;
+;; Notmuch is free software: you can redistribute it and/or modify it
+;; under the terms of the GNU General Public License as published by
+;; the Free Software Foundation, either version 3 of the License, or
+;; (at your option) any later version.
+;;
+;; Notmuch is distributed in the hope that it will be useful, but
+;; WITHOUT ANY WARRANTY; without even the implied warranty of
+;; MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the GNU
+;; General Public License for more details.
+;;
+;; You should have received a copy of the GNU General Public License
+;; along with Notmuch.  If not, see <http://www.gnu.org/licenses/>.
+;;
+;; Authors: Austin Clements <aclements@csail.mit.edu>
+
+(defun batch-make-deps ()
+  "Invoke `make-deps' for each file on the command line."
+
+  (setq debug-on-error t)
+  (dolist (file command-line-args-left)
+    (let ((default-directory command-line-default-directory))
+      (find-file-literally file))
+    (make-deps command-line-default-directory))
+  (kill-emacs))
+
+(defun make-deps (&optional dir)
+  "Print make dependencies for the current buffer.
+
+This prints make dependencies to `standard-output' based on the
+top-level `require' expressions in the current buffer.  Paths in
+rules will be given relative to DIR, or `default-directory'."
+
+  (setq dir (or dir default-directory))
+  (save-excursion
+    (goto-char (point-min))
+    (condition-case nil
+	(while t
+	  (let ((form (read (current-buffer))))
+	    ;; Is it a (require 'x) form?
+	    (when (and (listp form) (= (length form) 2)
+		       (eq (car form) 'require)
+		       (listp (cadr form)) (= (length (cadr form)) 2)
+		       (eq (car (cadr form)) 'quote)
+		       (symbolp (cadr (cadr form))))
+	      ;; Find the required library
+	      (let* ((name (cadr (cadr form)))
+		     (fname (locate-library (symbol-name name))))
+		;; Is this file and the library in the same directory?
+		;; If not, assume it's a system library and don't
+		;; bother depending on it.
+		(when (and fname
+			   (string= (file-name-directory (buffer-file-name))
+				    (file-name-directory fname)))
+		  ;; Print the dependency
+		  (princ (format "%s.elc: %s.elc\n"
+				 (file-name-sans-extension
+				  (file-relative-name (buffer-file-name) dir))
+				 (file-name-sans-extension
+				  (file-relative-name fname dir)))))))))
+      (end-of-file nil))))