Wadler and Thiemann unified type-and-effect systems with monadic semantics via a syntactic correspondence and soundness results with respect to an operational semantics. They conjecture that a general, "coherent" denotational semantics can be given to unify effect systems with a monadic-style semantics. We provide such a semantics based on the novel structure of an indexed monad, which we introduce. We redefine the semantics of Moggi's computational lambda-calculus in terms of (strong) indexed monads which gives a one-to-one correspondence between indices of the denotations and the effect annotations of traditional effect systems. Dually, this approach yields indexed comonads which gives a unified semantics and effect system to contextual notions of effect (called coeffects), which we have previously described.