def METHOD_NAME(k_vars, rho):
    '''create equicorrelated correlation matrix with rho on off diagonal
    Parameters
    ----------
    k_vars : int
        number of variables, correlation matrix will be (k_vars, k_vars)
    rho : float
        correlation between any two random variables
    Returns
    -------
    corr : ndarray (k_vars, k_vars)
        correlation matrix
    '''
    corr = np.empty((k_vars, k_vars))
    corr.fill(rho)
    corr[np.diag_indices_from(corr)] = 1
    return corr