Apparantly......
At the same time, behavioral researchers sought to understand the physiological and psychological effects of drinking. Drinking profoundly alters mood, arousal, behavior, and neuropsychological functioning. However, studies have found that the specific effects depend not just on how much someone drinks, but also on whether blood alcohol content (BAC) is rising or falling; while in the process of drinking, alcohol acts as a stimulant, but as drinking tapers off it begins to act more as a sedative.
As BAC ascends, drinkers report increases in elation, excitement and extroversion with simultaneous decreases in fatigue, restlessness, depression, and tension. Conversely, a descending BAC corresponds to a decrease in vigor and an increase in fatigue, relaxation, confusion, and depression.
(Recall a study that pretty much proved that a single glass had more overall benefits to the average person.)