The Bousfield localizations and colocalizations of the discrete model structure

We compute the Bousfield localizations and Bousfield colocalizations of discrete model categories, including the homotopy categories and the algebraic $K$-groups of these localizations and colocalizations. We prove necessary and sufficient conditions for a subcategory of a category to appear as the subcategory of fibrant objects for some such model structure. We also prove necessary and sufficient conditions for a monad to be the fibrant replacement monad of some such model structure.