Red seems exciting but blue seems calming. That is not the only thing that could be said about those colors. But is the reason those colors have the effects that they have because of something about the color themselves or because of the culture we are in?

In physics, if colour is associated with wavelength or frequency, then blue is at the shortwave or high frequency end of the spectrum and red at the longwave or low frequency end. Does this tell us anything about the psychology of colour? It was this perceived deficiency that caused Goethe to seek a formula for colour that did make the connection. Thus for him blue is darkness seen through an illuminated semitransparent medium. And yellow is light seen through a "thickened" or semi-transparent medium. This begins to explain why blue is as it is said a receding colour and red an advancing colour. What your question asks for is a connection between the physics and the phenomenology and emotional effects of colour. These were treated perhaps rather dismissively by Wittgenstein in Remarks on Colour, published in 1977.

As with many other questions about color, you might find the discussion of emotional responses to colors in Hardin's classic book to be of interest:

Hardin, C.L. (1993), Color for Philosophers: Unweaving the Rainbow, expanded edition (Indianapolis: Hackett)

Read another response by Jonathan Westphal, William Rapaport
Read another response about Color