This is an answer to the question below of "As a grad student, I'm curious about more senior folks' perspective on this question: What approaches can grad students take to best facilitate an adviser/mentor relationship?":
I'm not senior, but I've had a very good relationship with my advisers, and I'm still working with one of them a lot.
First, advisers vary. Some will be happy to chat without much plan (though this seems to be rare), whereas others prefer to talk about concrete issues. Some will take it as their responsibility to make you see them whenever they think you should, whereas others view themselves as resource that you can go to if you'd like to, but that don't approach you. Because of that variation, it's also very hard to draw inference from what an adviser thinks about you, unless you compare to how the adviser is with other students (i.e. you need to account for adviser fixed effects).
Second, you don't only want to talk to your adviser when you have a problem and you're stuck. That just sends a bad signal, and chances are, your adviser won't be able to solve the problem in a short meeting if you haven't succeeded even after giving it multiple serious attempts.
Actually, I think what advisers are most useful for is to prevent you putting a lot of work into things that are not worth doing. So, basically, tell your advisers what your plans are, both for the big picture of the project, as well as for how you are planning to approach the project. Chances are that they will have good suggestions about asking the research question in a more productive manner, about literature that relates to your question that you were not aware of, or about methods that you might not know.
So you want your adviser's advice about the things which, from your point of view, are unknown unknowns. That's why you want to keep your adviser updated about your progress and, more importantly, plans. And you don't just want to tell him / her "research is still going well", because there's a chance that what you might think is good work will not be appreciated by other economists (for PhD projects, that chance is actually fairly high, and the chance that it could be done in a way that would be more appealing to other economists is usually close to 1).