Indesign CC effects panel doesn't work

I cleared the cache as per suggested below and restarted the computer and nothing still.

And starting with the basics (to rule out the most common issues):

• Is the shape selected?
• Is Preview turned on?
• Did you select the correct part you wanted to change, i.e., object, fill, stroke, text?
• Does your shape have that element, i.e., if you are applying a bevel to a stroke, does the rectangle have a stroke?

Maybe none of this applies, but please confirm that you have already checked all this.

If Aman's suggestion to delete preferences does not work then try deleting your InDesign cache files. This can be very helpful with Panel related problems.

To do so:

For Macintosh Users: With InDesign closed launch a Finder Window in column view and click on your home folder. With the Option Key pressed choose Library from the Finder Go Menu. Within the Library folder find the “Caches” folder. Within the Caches folder find and delete the entire file “Adobe InDesign”. I find that deleting the cache file completely leads to a lasting change. 

For Windows Users: On Windows 7 and above the caches files are hidden. To find them go to the Control Panel and open Folder Options and then click the View tab. Then select “Show hidden files and folders” or “Show hidden files, folders or drive options” in Advanced Settings. Then delete (or rename) the folder at the end of this path: C:\Users\[User Name]\AppData\Local\Adobe\InDesign\Version [#]\<Language>\Cache.