In Android Studio 0.8.9, I opened Android Device Monitor, selected my emulator from the Devices list and got the output in the LogCat tab.
After that, I went back to the main view of Android Studio and selected Restore Logcat view in the right of the Android DDMS tab and there it was!
If this doesn't work, you could see your logcat in the Android Device Monitor as I explained in the first sentence.