Is your puppy mostly making the noise when excited? My Bella makes a terrible coughing/hacking noise when she gets excited but the vet said it was just reverse sneezing. She's three and a half years old and has been doing this since we got her. The vet recommends massaging her throat area (when she's hacking- is seems to help). Others have recommended manually opening her mouth for a second (that seems to help but I think it's just more of a distraction than a therapeutic response).
Did you get her from a breeder? Perhaps checking with the breeder and seeing if she is having similar probs with any of her other pups?
Good luck!