He shouldn't chase him around, that would just make him worse. It would make him think he was joining in the game.

Pups can get a bit hyper but they calm down if you are calm. Dogs that live in hyper families full of hyper kids are often hyper themselves but dogs who live in a calm quiet atmosphere are often a lot more calm in nature too. Obviously, this takes a little time and the dog needs to mature a bit more but getting angry and shouting, chasing them around, that just fuels the behaviour.