How do I implement no-op macro (or template) in C++?

Solution 1:

While leaving it blank is the obvious option, I'd go with

#define conditional_noop(x) do {} while(0)

This trick is obviously no-op, but forces you to write a semicolon after conditional_noop(123).

Solution 2:

As mentioned before - nothing.
Also, there is a misprint in your code.
it should be #else not #elif. if it is #elif it is to be followed by the new condition

#include <iostream>   

#ifdef NOOP       
    #define conditional_noop(x) do {} while(0)
#else       
    #define conditional_noop(x) std::cout << (x)   
#endif  

Have fun coding! EDIT: added the [do] construct for robustness as suggested in another answer.