the problem is........if you apply for private sector, e.g. a bank, with a public policy degree.....it will be really difficult.
so this is really a question.
my solution to this type of question is: make clear the career goal before application, and apply to only related major in different institution.
if OP want to go public sector with his/her degree, then the choice is quite sure.
P.S. in reality, company looks at both, while the weighting varies depends on the nature of the role and company. example:
1/ economist / research assistant at center bank, university, banks. you know the answer. non econ/stat/related discipline = out.
2/ bank MT. they definitely will ask the public policy guy why from PP to bank, but it is much more likely that the guy will still get the interview.
3/ sales / financial planner. doesn't matter, will just get one if you are willing.....