I'm going to say yes and I'm saying this while I tiptoe walking on eggshells because I don't want to rub anybody the wrong way. Dogs need discipline no different than a child needs discipline, so yes. If I stuck with a short answer, I would simply say yes, but I feel like I have to explain.
If you catch them in the act of doing something undesirable, such as messing in your house, chewing on your favorite shoes, fighting with another animal, trying to bite you too hard, or anything like that, it requires correction in moderation. It doesn't mean you have to go smacking them around. A lot of times it's just a loud noise. And most dogs when they hear that and they stop, that's correcting in itself for probably 80% of puppies. Have I at times tapped mine on the nose if they're really not getting a message, if they're not responding to an auditory stimulus or something like that? Yes, I have. Is it okay? I think it is in moderation.
again I am not advocating going around smacking your dog. But they do need correction. They need discipline and they do better when they know what's expected of them exactly like a child would be. If caught in the act, yes. If you were trying to correct them for something that happened maybe while you were at work, it might've happened hours ago, nah, you're wasting your time. And I have learned the hard way, do not even bother because they will have no idea what you're correcting them for. And then it just becomes a thing where, oh my goodness, now they're fearful of you because you're just this big old guy that just comes in and starts spanking them for no known reason. So if you catch them in the act, yes, punish in moderation, otherwise let it go. Deal with it the next time you see that behavior happen.

Exercise is probably the best bet. Think about a puppy. They play hard for an hour or two just like a child. You look at them and you think, ""Oh my God, where did all this energy come from?"" But then right after that it's lights out and they're going to be asleep for an hour or two.
So with that being said, the best bet with a puppy? Play with him. Give him an outlet for that energy. Take him for long walks. Play fetch if they're old enough to do that yet. Anything that's going to use energy, use their mind, that's that's what they're bred to do. You know, they're pack animals. They’re normally roaming around with other dogs all day long or sleeping. That's not going to change just because you got them and brought them into your home. So they still need those basic essentials. 
Let them be a dog. Let them explore. Take them for walks, do those things to burn off some of that energy. And I will tell you one other thing, too, as far as training goes, the best time to train them is right after you've done that so their energy level is not so high. They’re in a better mental state where they're more relaxed and much more amenable to learning new things.

Hopefully, it's not true aggression that this question would be geared towards. I have seen puppies that are aggressive at a very early age and that's a little bit disturbing. More times than not, it's just playing. They're trying to find themselves in the pack. They're trying to find out who's the alpha and who’s not. What can they get away with? They're learning how to interact with dogs. And if you've ever watched a pack of dogs, wolves, any canine species, that's how they are. It's what they do. So the playfulness/aggressiveness is okay for them to do those things in moderation, as long as it's in play.
If it becomes growling, snarling, pulling, and as if they have to have the last word, that's a problem, and that needs to be addressed straight away. I'm not a trainer so I'm not going to stand here and try to give you this long, drawn out process on how to do it.
But one thing you might want to do is consult with a trainer and see the right methodology on how to break that or steer that energy elsewhere to where it becomes productive and not leading down a not so good road.

The first few nights of a new puppy coming home are going to be the hardest. I'll tell you that right now. Unless you have an exceptional dog, the first four nights are usually a living hell. Let's just be honest. I am a big fan of kennel or crate training. 
And for me, what that looks like is when I go to bed, I'm the last one to go to bed at my house, so I stay with the dog. I take them outside. And the last thing before it's lights out is I put them in the kennel. I personally do not put food and water overnight. I'm not eating at night when I'm sleeping, nor do they need to eat at night when they're sleeping. It just makes a mess. So I put them in there with no food or water. I'll put a nice bed in there for them. And if I really am kind of worried about how they're going to behave, I might even cover it with a blanket, so it stays nice and dark and cozy in there for them.
It's kind of like raising a child. There are people that will wake up every time the child goes, ""Eh,"" and run to them and pick them up to take them to their bed. You can do that with a dog too, but you're going to be creating a monster. So I normally will kind of let them cry it out within reason, but I will let them do that the first couple of nights. If you stick to your guns, trust me, they will figure it out. The kennel becomes a comfort zone for them. It's just those first few nights. They're away from home. They're away from their mother, their siblings. They're not sure what's happening. I get it. But if you do give in and put them in bed with you, that's fine, but you better get ready to do that for the next 15 years or so.

A lot. Let's face it. They are going to bite and chew a lot. Some breeds and some dogs do it more than others and that's fine, but you've got to think about part of it is they're teething. We all know that babies teethe and chew a lot and drool, and their gums hurt and that kind of thing. Puppies do the same thing. They do it a lot more rapidly. The average dog will start to lose teeth (and, therefore, start to grow their new permanent teeth) as early as about four months. And usually by about six to maybe seven at the latest, all their permanent teeth are in.
You've got to think about this in reference to the chewing. They're not doing it just to be disruptive. They might do it because they're bored, but they're probably doing it because their teeth hurt and it feels good to chew on those things. So they're all going to do it to some degree. You just have to prepare accordingly for it and give them the right chew toys and things like that, which we'll cover in a second.